{"id":2602,"date":"2015-01-13T09:49:00","date_gmt":"2015-01-13T06:49:00","guid":{"rendered":"http:\/\/tourism.plus4d.com\/2015\/01\/13\/51867429309186\/"},"modified":"2015-01-13T09:49:00","modified_gmt":"2015-01-13T06:49:00","slug":"51867429309186","status":"publish","type":"post","link":"https:\/\/www.tourismworld-seyaha.com\/?p=2602","title":{"rendered":"Brent ends below $50 per barrel for first time since 2009"},"content":{"rendered":"<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">Europe&#8221;s oil benchmark Monday closed below 50 a barrel for the first time in six years after a leading investment bank predicted the commodity would sink even lower in coming months.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">Brent crude for February delivery lost 2.68 to finish at 47.43 a barrel in London, its first close below 50 since April 2009.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">US benchmark West Texas Intermediate for February also hit a new multi-year low, shedding 2.29 to 46.07 a barrel on the New York Mercantile Exchange, the lowest close since March 2009.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">&#8220;At this point, it&#8221;s really just panic selling out of fear of how low oil prices could go,&#8221; said market analyst Jasper Lawler at CMC Markets UK.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">The drop came as Goldman Sachs sharply cut its forecast for 2015 oil prices, projecting the US commodity would hit 41 a barrel in three months and 39 a barrel in six months, down from the 70 and 75 previously.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">Goldman also cut its forecast for Brent oil.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">The investment banking firm predicted the oil market would continue to experience oversupply for several months.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">As a result, oil prices &#8220;need to stay lower for longer,&#8221; it said.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">&#8220;The short-cycle nature of capital investments in shale requires that such pressure remain in place long enough to keep capital sidelined while the market rebalances.&#8221;<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">Monday&#8221;s fall came on the heels of a six-month crash in the market that has slashed crude prices by more than 50 percent amid concerns of oversupply and weak global growth.<\/span><\/strong><\/p>\n<p style=\"direction: ltr;\"><strong><span style=\"font-size: medium;\">Other factors cited by analysts for the price drop included the downgrade to Russia&#8221;s credit rating last week and continued inaction from OPEC<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Europe&#8221;s oil benchmark Monday closed below 50 a barrel for the first time in six years after a leading investment bank predicted the commodity would sink even lower in coming months. Brent crude for February delivery lost 2.68 to finish at 47.43 a barrel in London, its first close below 50 since April 2009. US [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[],"class_list":["post-2602","post","type-post","status-publish","format-standard","hentry","category---economy-and-technology"],"_links":{"self":[{"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=\/wp\/v2\/posts\/2602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2602"}],"version-history":[{"count":0,"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=\/wp\/v2\/posts\/2602\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tourismworld-seyaha.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}