oil prices fall down again
The continuing collapse in commodity prices pushed oil futures still lower Monday, and analysts predicted that the slide was far from over.
Oil prices fell to their lowest level in 12 years, with futures of West Texas intermediate crude for February delivery settling at $31.41 a barrel, down 5.3 percent. Oil futures, which lost 30 percent last year, have declined every day of 2016. Brent oil, the main international benchmark, lost 6.5 percent and closed at $31.55 a barrel.
Last year a broad reassessment occurred in commodities, as the global economy slowed and demand from emerging markets like China, India and Brazil waned. The slump in oil prices picked up momentum last week on renewed concerns about the health of China’s economy, which led to a rout in global markets.
The drop in commodities is being felt throughout the energy sector and beyond. Saudi Arabia, for instance, said last week that it was considering selling shares in Saudi Aramco, its state-run oil company. Arch Coal, one of the biggest coal producers in the United States, said Monday that it had filed for bankruptcy protection to cut its debt.