Oil continues its slide as glut worries persist on Wednesday. On its final day as the front month contract on the New York Mercantile Exchange, February West Texas Intermediate crude lost $1.91 to settle at $26.55 a barrel. The March WTI contract will begin its run as the front month contract at $28.35 a barrel. March Brent crude on the London ICE Futures Exchange slipped 88 cents to end trade at $27.88 a barrel.
Due to the Martin Luther King, Jr. holiday, the Energy Information Administration’s weekly crude supply report will come out on Thursday. With a lack of data to stimulate the market, worries about a growing glut and weaker Chinese demand pushed prices even lower.
February natural gas contracts on the New York Mercantile exchange added 2.7 cents to settle at $2.118 per million British thermal units.
