Oil Drops to Six-Year Low as Resilient Crude Output Adds to Glut
Is Oil Heading as Low as $15 or $20 a Barrel?
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Oil closed at the lowest level in more than six years in New York amid speculation that demand may slip as economies slow, and Iran said OPEC output may climb to a record.
West Texas Intermediate futures fell 1.5 percent after manufacturing in the New York region unexpectedly shrank, and Japan’s economy contracted last quarter. The Organization of Petroleum Exporting Countries may boost production to 33 million barrels a day after Iran’s international export restrictions are removed, according to the nation’s OPEC representative.