Oil Price Slide Continues

Oil PriceThere is no letup in the slide of oil prices as the markets weakened last week.

The latest report come amidst new signs that the Organization of the Petroleum Exporting Countries (OPEC) will continue to value market share over prices, which in turn outweighed expectations of a lift when the United States kept interest rates at historic lows.

US West Texas Intermediate crude futures were trading at US$46.74 per barrel, down 16 cents from their last settlement. Brent prices were at US$49.12 per barrel, up four cents.

Kuwait, a key OPEC producer said on Thursday that the oil market would balance itself, but that this would take time, a clear signal in support for the group’s policy of defending market share despite falling prices.

Readers Bureau, Contributor

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