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2015-01-06 12:55:00

OIL PRICES: BELOW $50

OIL PRICES: BELOW $50

Oil extended losses below $50 a barrel amid speculation that U.S. crude inventories will expand, exacerbating a global supply glut that's driven prices to the lowest level since April 2009.

Futures fell as much as 1.4 percent in New York, declining for a fourth day. Stockpiles in the world's biggest oil consumer probably rose by 750,000 barrels last week, a Bloomberg News survey shows. A gauge of the dollar held near a nine-year high, diminishing the investment appeal of commodities, as the Federal Reserve weighs raising interest rates and amid concern that Greece will leave the European Union.

Oil slumped almost…

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Tags: U.S., SAUDI, OIL, PRICES, OPEC,
Chronicle:
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