Oil gushes to new 12-year low

ProMASS News Bureau: Jan 12, 2016:

Global crude oil prices plunged overnight to a fresh 12-year low. US West Texas crude fell 1.50 dollar to 31.37 US dollars a barrel, its lowest level since December 2003. The global benchmark Brent price slumped 6.6 per cent to 31.31 dollars a barrel.

The falls extended this year’s 15 per cent slide, in little more than a week of trade. Traders are betting the world’s second largest consumer of oil China will demand much less of the commodity in 2016 The price of oil is falling because of both demand and supply problems.