With prices already at their lowest levels in more than 11 years, analysts have been weighing the likelihood that U.S. prices could plunge to $20 a barrel this year.
Meanwhile, natural-gas prices surged more than 5% on the back of a much-bigger-than-expected drop in weekly U.S. supplies.
February Brent crude LCOG6, +1.60% the global oil benchmark, fell 48 cents, or 1.4%, to $33.75 on London’s ICE Futures exchange. Prices settled Thursday at their lowest level since June 2004, according to FactSet data.
On the New York Mercantile Exchange, February West Texas Intermediate crude CLG6, +1.77% shed 70 cents, or 2.1% to settle at $33.27 a barrel on the New York Mercantile Exchange. It traded as low as $32.10 but also tapped a high of $34.26. Thursday’s settlement was the weakest since February 2004, FactSet data, based on the most-active contracts showed.
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