Oil regains $35.00 after posting fresh cycle lows

By FXStreet FXStreet (Córdoba) – Oil prices extended the slide on Monday, with WTI falling below $35.00 a barrel for first time in nearly 7 years.

Crude prices continue to feel the pressure from supply glut concerns after the Organization of the Petroleum Exporting Countries (OPEC) refrained from cutting output quotas. Both WTI and Brent have fallen every day since the OPEC meeting on Dec 4, shedding more than 12% each ever since.

WTI dropped to a low of $34.53 a barrel but managed to regain the $35.00 level afterward to trade almost 1% down at $35.23. WTI financial crisis low was set at $32.40 in December 2008.

——-
What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 – The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too.
——-

For more information, read our latest forex news. …read more

Source:: FX Street