Oil prices plunge; rig count hits 6-year low

Mubasher: Oil prices tumbled on Friday though rig count reached its lowest in six years.

Oilfield services firm Baker Hughes reported the U.S. oil rig count fell by just one rig, bringing the total to 515, the lowest since April 2010.

Bent dropped by 5.51% or $1.7 to $19.18 per barrel, its lowest since October 2013. Crude futures fell by 4.9% to $29.66 a barrel.

OPEC basket prices also fell to $25 per barrel.

 

   

Mubasher Contribution Time: 15-Jan-2016 21:10 (GMT)