WTI breaks below $32.00/bbl, posts fresh 12-year lows

By FXStreet FXStreet (Córdoba) – Light, sweet crude oil futures extended losses into a sixth consecutive session on Monday and fell below $32 a barrel, posting its lowest level since December 2003.

West Texas Intermediate crude for February lost 4.5% and scored a low of $31.55 a barrel on the New York Mercantile Exchange, following a fall of more than 10% last week. Meanwhile, Brent also hit fresh cycle lows, falling around 5.0% to a low of $31.69 a barrel.

While global supply glut persists, concerns about China continued to weigh on sentiment and helped to send both WTI and Brent to their lowest levels in over a decade.
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Source:: FX Street