Monday, 17 January 2022

Oil languished at multi-year lows


LONDON: Oil languished at multi-year lows on Thursday, with WTI crude remaining around $20 a barrel as dire warnings about a virus-triggered demand shock overshadowed a deal to cut output.

US benchmark West Texas Intermediate made small gains in Asian afternoon trade to $20.05 per barrel at one point. It had slipped below the $20 mark Wednesday, and hit its lowest price in 18 years.

International benchmark Brent crude, which also suffered heavy losses a day earlier, rose half a percent to trade at $28.12 a barrel.

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