Oil fell on Thursday bringing losses for the month so far to 23 per cent, marking its largest one-month fall since the depths of the financial crisis in 2008.
A seemingly relentless rise in U.S. crude supply together with Saudi Arabia’s insistence that it will not cut output on its own to stabilise the market, wiped out overnight gains in oil futures.
Brent crude futures LCOc1 fell 64 cents on the day to $58.12 a barrel, off an earlier session high of $59.51, while U.S. crude futures CLc1 dropped below $50 for the first time in over a year. The January contract was last down 40 cents at $49.89.
“I’m surprised and yet not surprised about the move lower this morning,” PVM Oil Associates analyst Tamas Varga said.
“I’m surprised because stock markets rallied yesterday because the dollar weakened and that should provide some sort of…
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