Crude oil price hits new low
The price of Brent crude drops to $55.54 per barrel.
The price of Brent crude reached another low on Monday, January 5. This is the result of the excessive supply of black gold.
The February futures of WTI reached $51.74 per barrel (1.80% decrease). Brent decreased to $55.54 per barrel (1.56% decrease), RIA Novosti reports.
The OPEC member states decided to keep the oil extraction quota at the level of 30 million barrels a day in November 2014. It was decided despite the dramatic decrease in oil prices.
“The demand for oil is unlikely to be high if you look at the economic situation in China, Japan and Europe,” Reuters quotes representative of the major broker company Newedge Yusuki Seto.
Photo: AP
