Monday, December 29, 2014

Crude Oil Slid to 5-Year Low

Brent at $57.88
Crude oil slid on Monday to a five-year low amid speculation the global oil supply glut will continue. WTI sank 2.1 percent to $53.61 in New York, and Brent crude slid 2.6 percent to $57.88 in London.

UPDATE: Iraqi Oil Minister Adel Abdul-Mahdi said on Monday that Iraq supports Saudi Arabia’s decision not to cut oil output levels.  Iraqi decision to maintain oil production levels was announced when oil prices hit a five-year low.

Meantime, Russian ruble dropped 7 percent to 59.10 per dollar after Russia’s Economic Development Ministry announced on Monday that the country’s economy shrank by 0.5 percent in November, Russia’s first decline in five years. The ministry said sharp drop in manufacturing and investment led the economic downturn. 


Anonymous said...

The Saudi and the Persian Gulf puppet regimes are trying to hurt Russian, Iranian and Venezuelan economies at US behest, they will fail as Russia and Iran are large diversified economies and may feel some pain but will withstand it. It also provides impetus to Asian trade and bi-lateral barter deals. Russians and Iranians are resilient people and have seen worse.

Anonymous said...

the Iranian economy is neither large nor diverse and this is going to hurt quite a bit.