Oil prices hit record one-year low
(VOVWORLD) - Oil prices extended a sharp plunge Friday, with New York's key WTI contract diving more than five percent on fears of a global supply glut.
 Chevron's oil field in Bakersfield, California, USA (Photo: AFP) |
WTI for delivery in January was down 5.3 per cent at 51.74 USD per barrel, the lowest of this year. Oil's other main contract, Brent North Sea crude, tumbled 3.3 per cent to 60.53 USD per barrel.
The International Energy Agency (IEA) said earlier this month that global oil supply will outpace demand throughout next year, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy.