Global oil prices continued to drop further as it sank
more than two percent Monday, deepest plunge in five and half years.
U.S. crude futures fell more than 2.5 percent at one
point to as low as $56.25 per barrel in quiet early Monday Asian trade, showing
no sign of life even after a fall of almost 50 percent from the June peak.
Analysts said concerns about a supply glut and
slower global growth, feeding fears for energy and commodities producers and
exporters.
Investors were nervous after U.S. shares posted
their biggest weekly fall in 2 1/2-years last week on losses led by energy
sector, and as they expect the U.S. Federal Reserve to hint this week it is
getting closer to raising interest rates.
Meanwhile, United Arab Emirates’ energy minister said
OPEC will stand by its decision not to cut output even if oil prices fall as
low as $40 a barrel and will wait at least three months before considering an
emergency meeting.
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