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Oil prices drop below USD 37.00/barrel

FXStreet (Mumbai) - Oil prices are being smashed once again ahead of the data in the US tomorrow, which could show inventories likely rose for 11th week.

WTI at fresh 7-year low

At the time of writing, the WTI Jan futures were down 1.85% or 70 cents at USD 36.95/barrel. Prices fell to USD 36.81/barrel for the first time since February 2009. Prices had dipped below USD 37/barrel in August this year.

Oil prices were up an hour ago after the data from China showed the country’s oil imports in November saw a 3.9% rebound from the Oct’s 5-month low.

The traders now await the US weekly inventory data, which is expected to show stockpiles increased by 900,000 barrels in the week ended Dec. 4.

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