Energy sector earnings are seen down 19.6 per cent in the fourth quarter, according to Thomson Reuters data.
Energy sector earnings are seen down 19.6 per cent in the fourth quarter, according to Thomson Reuters data.
The addition of supplies as demand cools is likely to trigger more aggressive discounting by producers trying to defend market share in Asia.
Obama administration clears the way for millions of barrels of crude to the global market
Opec hopes economic recovery will spur fresh demand; remote prospects for output cut
UAE minister says irresponsible production by some producers from outside the Opec is main cause for plunge in oil prices.
Brent crude fell as low as $58.50, its weakest since May 2009. As of 1221GMT it was down $2.12 at $58.94 while US crude was down $1.73 at $54.18 per barrel.
Abdullah Al Badri said continued investment by Gulf nations will help prevent a shortfall in oil supplies once demand picks back up.
Saudi Arabia will open its bourse to direct foreign investment next year, which could draw tens of billions of dollars in coming years.
US crude inventories unexpectedly rose and Opec’s most influential voice, Saudi Arabia’s oil minister, shrugged off the need for an output cut.
Prices have slipped since and fell below $68 to the lowest since 2009 on Monday.