AFP, New York :
World oil prices fell to their lowest levels in 12 years Thursday as China’s market turmoil heightened worries about the state of the world’s second-largest consumer of crude oil.
US benchmark West Texas Intermediate for February delivery fell 70 cents, or 2.1 percent, to finish $33.27 a barrel on the New York Stock Exchange. WTI had hit a low of $32.10 in early European trading, a level last seen in December 2003.
In London, European benchmark Brent North Sea crude oil for February fell 48 cents (1.4 percent) to $33.75 a barrel. Earlier Brent had fallen to $32.16, its lowest level since April 2004.
Tim Evans of Citi Futures said the selloff came after “a sharp seven percent drop in Chinese equities triggered a much wider risk-off trade flow, with investors around the world increasingly worried.”
“The market has been able to recover on bargain hunting at the lower levels.
World oil prices fell to their lowest levels in 12 years Thursday as China’s market turmoil heightened worries about the state of the world’s second-largest consumer of crude oil.
US benchmark West Texas Intermediate for February delivery fell 70 cents, or 2.1 percent, to finish $33.27 a barrel on the New York Stock Exchange. WTI had hit a low of $32.10 in early European trading, a level last seen in December 2003.
In London, European benchmark Brent North Sea crude oil for February fell 48 cents (1.4 percent) to $33.75 a barrel. Earlier Brent had fallen to $32.16, its lowest level since April 2004.
Tim Evans of Citi Futures said the selloff came after “a sharp seven percent drop in Chinese equities triggered a much wider risk-off trade flow, with investors around the world increasingly worried.”
“The market has been able to recover on bargain hunting at the lower levels.
