CRUDE OIL PIRCES TUMBLING AGAIN AFTER SLIGHT RISE

Tripoli, 5 Rabiul Awwal 1436/27 December 2014 (MINA)– Crude prices tumble again after a slight rise earlier in the day due to a recent attack on Libya’s largest oil facilities.

Oil prices rose slightly earlier on Friday (26/12) after a deadly attack by militants on Libya’s oil terminals in the north. However, the prices continued their downward trend near closing time on Friday after traders tried to rally off of the Libyan situation, Press TV quoted by Mi’raj Islamic News Agency (MINA) as reporting.

Latest global oil markets data showed that West Texas Intermediate settled down two percent at below USD 55 per barrel at the end of trading on Friday. Brent also ended lower at USD 59 per barrel.

Figures indicate that the overall prices went down at least 4.2 percent only this week. The prices are also set to witness a fifth weekly loss.

Crude prices have been declining after the Organization of Petroleum Exporting Countries (OPEC) refused to cut supplies in September.  This has increased a global glut in an already oversupplied market.

Market activists say the recent record high crude production in the US is also adding to concerns that the prices will remain low in the foreseen future.

Oil prices have been falling throughout 2014, getting nearly halved since June as a result of declining demand and increased supplies.

The five-year low was exacerbated following a refusal by some major oil producers, including Saudi Arabia, to cut their crude output. (T/P010/P3)

Mi’raj Islamic News Agency (MINA)