Oil Market Update : Epic Research Singapore

The U.S. oil benchmark closed sharply lower Tuesday after briefly trading below $30 a barrel for the first time since 2003, extending a 2016 rout fueled by a global supply glut, jitters about the global economy and a rising dollar.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +1.58%  fell 97 cents, or 3.1%, at $30.44 a barrel—its lowest finish since Dec. 1, 2003—after dipping as low as $29.93. February Brent crude on London’s ICE Futures exchange LCOG6, +1.26%  dropped 69 cents, or 2.2%, to finish at $30.86 a barrel, the lowest finish for the global benchmark since April 2004.

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