Crude oil is sliding after Iraq said its exports reached a record high

Tuesday, 10 January 2017 - 13:08

Crude+oil+is+sliding+after+Iraq+said+its+exports+reached+a+record+high
Oil prices tumbled nearly 4 percent on Monday on concern that record Iraqi crude exports and rising U.S. output would undermine OPEC's efforts to curb global oversupply, reports say.

Accordingly U.S. crude futures settled at $51.96 per barrel, down $2.03, or 3.8 percent. That was the weakest daily closing level since Dec. 16.

Brent crude futures were down $2.22, or 3.9 percent, at $54.88 a barrel at 2:35 p.m. ET (1912 GMT), near the lows of the day.


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