Brent crude plunges below US$90 – levels not seen since December 2010

25-Jun-12

Brent crude oil ended the previous week below US$90 – levels not seen since December 2010. The market has been shrouded by weak demand expectations for crude triggered by the eurozone debt crisis and figures indicating weak growth in USA and China. Brent North Sea crude slid to US$88.4 on Friday, while oil on the Nymex fell to an eight-month low of US$77.5 a barrel. Last week saw figures indicating more weak economic growth in the United States, China and Europe, and US Energy Department figures showed an unexpected expansion of stockpiles.