Reuters: Oil prices remain near seven-year lows as OPEC glut bites
Crude prices remained near 7-year lows on Tuesday as OPEC continues to pump near record oil to defend market share, compounding a glut that has seen hundreds of thousands of barrels produced every day in excess of demand.
Benchmark Brent and WTI futures both fell over 6 percent the previous session to reach 2015 lows, and they are closing in on levels last seen during the credit crunch of 2008/2009. Should they break through 2008/2009 lows, the next downward target would be levels not seen since the early 2000s.
U.S. crude CLc1 was trading at $37.77 a barrel at 0300 GMT, up 12 cents from its last settlement but close to the 2015 and 7-year lows of the previous session.
WNU Editor: It looks like we are repeating history .... OPEC's Oil Market Disarray Looks Like 1990s Slump All Over Again (Bloomberg) .... and the impact of these low oil prices on oil producers is going to be severe.
More News On Slumping Oil Prices
Oil falls below $38 a barrel to seven-year low -- USA Today
Oil price could hit $20 as Opec ditches quotas -- The Times
Oil price falls to lowest level since 2009 -- BBC
Oil Plunges to Near Seven-Year Lows -- WSJ
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