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Oil slumps on IEA gloom

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Oil resumed heavy falls today, erasing earlier gains in highly volatile trade, after the International Energy Agency issued a gloomy market outlook.

In late afternoon deals in London, Brent North Sea crude for delivery in April dived USD 2.25 to USD 30.63 per barrel.

US benchmark West Texas Intermediate for March delivery shed USD 1.07 to USD 28.62 a barrel compared with yesterday’s close.

Oil had already crashed in January, with New York crude ducking below USD 28 for the first time since September 2003 on abundant crude supplies and global economic gloom centred on China’s slowdown.

“Oil is falling on continued worries about excessive supply as the odds of an output cut from Russia and OPEC are fading fast,” City Index analyst Fawad Razaqzada told AFP today.

Prices had tanked yesterday after weekend talks between OPEC kingpin Saudi Arabia and fellow cartel member Venezuela dashed hopes for a reduction in world production.

Today, the market dived once again after the IEA forecast the global oil surplus would be larger than previously expected in the first half of 2016.

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