Oil going lower Oil prices kicked off the week with another fall in Asian trading hours Monday, underscoring strong bearish sentiment and high volatility in oil markets.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in AprilCLJ5, -1.09% traded at $44.27 a barrel, down $0.55, or 1.2%, in the Globex electronic session. April Brent crude LCOJ5, -0.38% on London’s ICE Futures exchange fell $0.38 to $54.29 a barrel.
Last week, Nymex crude fell 9.6% to a six-week low, dropping 4.7% on Friday alone. The U.S. oil benchmark has now fallen for four consecutive weeks on record-high inventory levels.
Brent crude lost 8.5% last week and has been down for two consecutive weeks. It weakened on Friday after the International Energy Agency said in a monthly report that investors and oil producers should brace for further declines in oil prices, which haven’t fallen far enough yet to cut supply.