Oil prices reach lowest level since 2004 amid fears of continued decline
Representational file photo
(IraqiNews.com) Baghdad – on Thursday, price of Brent crude hit its lowest level since 2004 as a result of the turmoil in the Chinese market, in addition to the increase in US dollar value against other currencies, especially those of crude consuming countries.
A statement followed by IraqiNews.com said, “The price of Brent crude has decreased by 3.3% to hit $33.09 a barrel, reaching its lowest price level since 2004,” adding that, “US crude West Texas Intermediate fell to hit $32.77 a barrel, reaching its lowest price level since 2009, before rising again to $33.24.”
The statement continued, “The demand on crude oil will tend to fall due to the increase in US dollar value against other currencies including those of crude consuming countries, especially China.”