Another down day for crude oil which helped pull stock markets lower around the globe. March West Texas Intermediate crude lost $1.24 to settle at $26.21 a barrel on the New York Mercantile Exchange. April Brent crude slipped 78 cents to end trade at $30.06 a barrel on the London ICE Futures Exchange.
Energy agencies are revising their outlooks on supply and demand. Many believe the supply problems will continue until one of the world’s major producers significantly and consistently reduce output. Forecasters also believe weakness in China will also weaken demand for oil.
March natural gas settled down by 5.2 cents to end trade at $1.994 per million British thermal units on the New York Mercantile Exchange.
