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Oil Prices Sag Again
Petroleum futures, which began a weak rally last month from six-year lows, fell back to new six-year lows in early Asian trading today.
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Petroleum futures, which began a weak rally last month from six-year lows, fell back to new six-year lows in early Asian trading today.
The U.S. standard, West Texas Intermediate crude, skidded to $43.57 per barrel. Brent crude, the benchmark elsewhere, dropped to $53.34. Prices were at about $107 last June.
Analysts say petroleum futures are being depressed by a glut of stored oil in the U.S. and the stronger dollar, against which oil prices are measured.
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