Oil prices plunge to near six-year lows amid concerns of worsening global crude glut

07-Aug-15

Oil prices dropped toward six-year lows on concerns that the global crude glut will worsen as the busy summer-driving season in USA comes to a close, as per wsj.com. Oil on Nymex dipped to US$44.6 a barrel, the lowest settlement since March 19 Oil prices have been on a downtrend since end of June amid high levels of crude production, worries of weaker Chinese consumption and a strong dollar. Traders are looking ahead to the fall season, when gasoline demand typically declines as drivers take fewer vacations. That’s also when refineries buy less crude oil as they shut down units for repairs