By HELEN ZULU –
OIL prices on the international market have dropped to US$27 a barrel, its lowest since 2003.
Crude futures slumped again in Asian trade yesterday, with United States oil prices dropping more than three per cent towards $27 a barrel, its lowest since 2003, on worries about global oversupply.
This came after the International Energy Agency, which advises industrialised countries on energy policy, warned that oil markets could “drown in oversupply” in 2016.
Reuters reported that US crude futures were trading down 97 cents at $27.49 a barrel, or 3.4 per cent, the lowest since September 2003.
The contract settled down 96 cents, or 3.26 per cent, the session before.
Brent futures dropped 60 cents to $28.16 a barrel, or 2.1 per cent, not far from the 12-year low hit on Monday.
It settled up 21 cents, or 0.7 per cent, in the previous session.
Reuters also reported that London copper fell slightly on Wednesday, but it was buoyed as a relative calm emerged in some commodity markets on hopes that China could take more steps to boost its slowing economy.
Three-month copper on the London Metal Exchange (LME) was trading down 0.4 per cent at $4,391.50 after a 0.7 per cent gain in the previous session when prices hit the highest since January 8, 2016 at $4,476 a tonne.
Still, prices are hovering near their weakest since May 2009 at $4,318, hit on Friday.
