A key oil benchmark plunged below $31 per barrel Tuesday, continuing the downward trend of the previous day. Brent crude traded as low as $30.64 on the market.
Oil is dipping to decade-low levels amid over production and bad economic news from China, where poor prospects for manufacturing suggest that the leading oil-consuming country will not need as much crude as producers hoped.
While OPEC keeps pumping at a record pace, the International Energy Agency says the global oil surplus will last until late 2016.“Benchmark crude approached seven-year lows in early December after OPEC opted to continue producing at will to defend market share. Unrelenting oversupply in world markets had already weakened benchmarks during November. ICE Brent was last trading at $39.77/bbl with NYMEX WTI several dollars lowest now at $30.64/bb
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