WTI crude fell below $61 to the lowest since July 2009 with prices down more than $2 per barrel in a drop following the latest US inventory data. The low so far is $60.88.
The Canadian dollar is the big loser so far, matching Monday’s multi-year high of 1.1501.
The US dollar is also taking a hit as oil stocks take yet another beating on the slide, with USD/JPY down to 118.40 and within striking distance of yesterday’s low of 117.95.
Saudi Arabia’s oil minister is also on the wires. When asked whether he will cut production prior to the June OPEC meeting, he said “Why should we cut production now?” He also said Saudi Arabia produced 9.6-9.7 mbpd in November.
Oil one minute chart
