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Oil prices extend loses

Wednesday, Jan 14 2015
Though US dollar is still being strong against its major rivals, small amount of support for them could be coming from continuous fall in oil prices. Oil prices fell more than 1% on Wednesday after touching their lowest in nearly six years the previous session. Analysts said prices would stay under pressure as oversupply hurts both WTI and Brent, with some traders beginning to book ships for oil storage.
 
This is not the first sharp decline in oil prices in history. In November 1985 a barrel was $31.82. By the April 1986 it fell to $9.75 when Saudi Arabia, tiring of cutting output to support prices, flooded the market. Prices didn’t rebounded from the loses back until 1990. With this experience in mind we could be seeing further decline in months to come.
 
Later today, in the US session, Retail Sales figures are scheduled for a release.
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