AFP, Singapore :
Crude hit fresh five-year-lows Monday following another weak batch of trade data out of China, while prices were also pressured by the strengthening dollar, analysts said.
US benchmark West Texas Intermediate (WTI) for January delivery was down 81 cents at $65.03 in late-morning trade. Brent crude slipped 82 cents to $68.25.
WTI is sitting at its lowest point since July 2009 and Brent is at lows not seen since October 2009, with the contract continuing to be hurt by OPEC’s decision last month to maintain output despite a global supply glut.
“Investors are casting their eye on the Chinese trade data at the moment… weakness could mean pressure on Brent,” said David Lennox, resource analyst at Fat Prophets in Sydney.
Crude hit fresh five-year-lows Monday following another weak batch of trade data out of China, while prices were also pressured by the strengthening dollar, analysts said.
US benchmark West Texas Intermediate (WTI) for January delivery was down 81 cents at $65.03 in late-morning trade. Brent crude slipped 82 cents to $68.25.
WTI is sitting at its lowest point since July 2009 and Brent is at lows not seen since October 2009, with the contract continuing to be hurt by OPEC’s decision last month to maintain output despite a global supply glut.
“Investors are casting their eye on the Chinese trade data at the moment… weakness could mean pressure on Brent,” said David Lennox, resource analyst at Fat Prophets in Sydney.
