Oil Market Update : Epic Research Singapore

Oil futures took a dive on Wednesday, as continued concerns about the glut of crude pushed the February West Texas Intermediate crude contract below $27 a barrel to its lowest settlement in nearly 13 years.

On the New York Mercantile Exchange, February WTI crude CLG6, -5.97% which expired at Wednesday’s settlement, fell $1.91, or 6.7%
, to finish at $26.55 a barrel. That was the lowest settlement for a front-month contract since May 7, 2003, according to Dow Jones.

March crude CLH6, +1.16% which is now the front-month contract, dropped $1.22, or 4.1%, to $28.35 a barrel.

Brent crude for March delivery LCOH6, +1.40% the global oil benchmark, ended down 88 cents, or 3.1%, to $27.88 a barrel on London’s ICE Futures exchange. Dow Jones data showed prices settled at their lowest since Nov. 24, 2003.

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