Petroleum Africa
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Tuesday, January 12, 2016
Crude prices dropped as much as 5% to a new 12-year low on January 11. In the US West Texas Intermediate (WTI) crude futures dropped $1.50 to $31.66 per barrel, the lowest since December 2003.
Across the Atlantic,Brent crude futures fell $1.75 to $31.80 per barrel, their lowest since April 2004.
Industry experts are predicting that crude on both NYMEX and London’s LSE could drop into the $20s in the near future unless there is a quick turn around. OPEC’s basket of crudes has been selling below the $30 per barrel mark since January 6.
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