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1.Market Observations, 8.Was Sticky

10 Mar 2017 (AFR) – Oil plunges as global glut seen persisting

(10 March 2017, AFR, p33, by Timothy Moore)

‘The price of oil plunged to its lowest in three months amid renewed concerns that efforts to bring global supply into balance with demand are failing. Brent oil shed 5 per cent to settle at $US53.11 a barrel on London’s ICE Futures Europe exchange. US oil slid 5.4 per cent, the biggest one-day drop in more than a year, to $US50.28 a barrel on the New York Mercantile Exchange. It was the lowest closing price for both futures contracts since December 7.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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