WTI November and December both down $1.45 at $89.28 and $88.29 respectively after trading as low as $88.18 and $87.22.
Brent $92.34 down $1.82 last.
From the Financial Times:
Brent oil retreats to 28-month low
Brent crude oil hit a 28-month low while benchmark US crude dropped below the $90 mark for the first time since April 2013, pointing to significant stocks on both sides of the Atlantic.ICE November Brent, the international oil benchmark, fell $2.23 to $92.04 a barrel – the lowest since June 2012. Nymex November West Texas Intermediate eased $2.07 to $88.57.
The latest sell-off came after Saudi Arabia noticeably lowered its official selling prices for its customers across all regions in November.
In some cases, prices were at levels similar to those during the 2008-09 financial crisis.
“Such measures give rise to doubts about Opec’s long-standing strategy of striving above all for price stability,” said Carsten Fritsch, analyst at Commerzbank.Brent has fallen from $115 a barrel in mid-June amid an oversupply from the North Sea and Atlantic Basin, which has coincided with greater North American production....MORE
