The Traderszone Network

Published in TZ Latest News 20 December, 2015 by The TZ Newswire Staff

U.S. crude prices head towards new 2015 low as drilling rebounds

U.S. West Texas Intermediate (WI) crude futures were trading at $34.48 per barrel at 0008 GMT, down 25 cents from their last settlement and close to last Friday’s 2015 lows. Oil prices are at levels last seen during the peak of the financial crisis of 2008/2009. Analysts said a strong dollar following last week’s U.S. interest rate hike, which makes oil consumption more expensive for countries using different currencies, as well as a renewed increase in U.S. oil rig counts were weighing on crude prices.