(VOVworld) – US oil prices dropped 6.7% Wednesday, triggered by fears about the pace of global growth. Prices fell 1.91 USD to 26.55 USD a barrel, the lowest level since May, 2003.
Brent crude oil for March delivery ended down 88 cents, or 3.1%, to 27.88 USD a barrel on London’s ICE Futures exchange.
The International Energy Agency said in a report released Tuesday that the world may soon drown in oversupply. Some analysts say it’s difficult to say when oil prices rebound.