[miningmx.com] – THE price of oil fell to a new five-and-a-half year low as concerns continued over its oversupply by Saudi Arabia. Oil was last quoted at $52 a barrel, a 3% decline over the previous session in which it recorded a 5% price slide.
“Saudi Arabia is showing no signs of pulling back,” Bjarne Schieldrop, chief commodity analyst with SEB in Oslo told Reuters in an article republished by BDLive. “Stocks are continuing to build, and there is an increase in contango,” Schieldrop said.
The bearish market for oil was compounded by political uncertainty in Greece which added to an already faltering eurozone economy, and raising questions about energy demand in Europe and compounding the bearish sentiment, said Reuters.
Click here to read the full article
