Oil price dives

Oil at its lowest levels since late November

Crude futures slumped anew on Friday, at one point tumbling 3% within minutes, reflecting fast-deteriorating confidence in ongoing production cuts.

Prices tumbled nearly 5% as of Thursday’s settlement in New York, putting oil at its lowest levels since late November, when the Organization of the Petroleum Exporting Countries agreed to cut output for six months. After nearly eight hours of subsequently steady trading, prices started to slightly ease before slumping shortly after 11 p.m. Eastern Thursday. At one point in Asia, prices slid 3% quickly.

No immediate catalyst was identified, but “the selloff means Asian investors are resonating with the bearish sentiment saw overnight in New York,” said Gao Jian, an energy analyst SCI International. He estimated price could drop another dollar or two before staging a mild rebound.

http://www.marketwatch.comFri.,  05  May 2017