| The securities, barring safe havens, were not in any party mood this New Year. And for the already-demoralized oil, the year unfolded on a scarier note. Brent crude plunged to a fresh 11-year low of sub-$35 a barrel and crossed its late-December decline on the way down on January 6. With this the spread between Brent crude and U.S. crude has been minimizing with the difference between the duo now being just a few cents.
U.S. crude is on the verge of touching its seven-year low. The sell-off (around 6%) marked the largest single-day decline in Brent crude since last September led by the huge U.S. gasoline pile-up and China growth worries. As per the U.S. government reading, there was a spike in motor gasoline stockpiles by 10.6 million barrels...............................................Full Article: Source
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