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Oil prices extend the sell off – Danske Bank

FXStreet (Edinburgh) - The slump in oil prices remains intact, with Brent crude dropping to multi-year lows, noted Jens Pedersen, Senior Analyst at Danske Bank.

Key Quotes

“Oil prices tumbled further on Friday with the Brent crude oil price falling below USD 90/bbl to the lowest level since 2010”.

“The recent sharp decline in oil prices is due to a combination of rising supplies and rising concerns about the outlook for global growth”.

“Notably, OPEC is contributing to downward pressure on prices – its monthly report released on Friday revealed that it is producing above its 30mb/d output target”.

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