New Lows Seen in Crude as OPEC Members Cut Selling Price

Crude oil slumped to new lows with the WTI contract approaching US$ 60/bbl while the Brent crude was about to breached US$65/bbl. The renewed selloff was driven by the news that Iraq had lowered its January selling price to Asia and the US. This was despite the prime minister stated last week that low oil price would cut into the government budget.

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New Lows Seen in Crude as OPEC Members Cut Selling Price