Crude Falls Below $55/Barrel
Crude has fallen to a 21-month low overnight, dipping below $55/barrel for the first time since Jan 2007.
US gasoline purchases dropped again last week, an astonishing 29 straight weeks of lower sales, according to MasterCard data.
Asian stocks were lower overnight, and the US dollar firmer, which also added to the general doom and gloom.
The US Energy Dept release their inventories data later today, a day later than normal due to the Veterans Day Holiday. The figures are expected to show that crude oil stockpiles increased by around 1 million barrels in the week ended Nov. 7.
December crude traded at $54.95/barrel at 8am GMT, having earlier hit an intraday low of $54.67/barrel. Brent is now in danger of slipping below $50/barrel, currently trading at $51.04.
US gasoline purchases dropped again last week, an astonishing 29 straight weeks of lower sales, according to MasterCard data.
Asian stocks were lower overnight, and the US dollar firmer, which also added to the general doom and gloom.
The US Energy Dept release their inventories data later today, a day later than normal due to the Veterans Day Holiday. The figures are expected to show that crude oil stockpiles increased by around 1 million barrels in the week ended Nov. 7.
December crude traded at $54.95/barrel at 8am GMT, having earlier hit an intraday low of $54.67/barrel. Brent is now in danger of slipping below $50/barrel, currently trading at $51.04.
