Global oil prices plunged to 12-year lows on Monday, January 11, with U.S. crude futures sliding to the lowest since late 2003, as traders cited fears over slowing demand in China and a growing inventory glut.
The move was exacerbated by U.S. stocks turning negative late morning, with the S&P 500 down nearly 0.4 per cent and Nasdaq down 0.6 per cent, Reuters reports.
Volumes for U.S. crude and Brent crude futures jumped to the highest in the morning at 10:57 a.m. (1557 GMT), which appeared to cap losses momentarily before falling further.
Oil Prices Crash to New 12-year Lows: Global oil prices plunged to 12-year lows on Monday, January 11, with U……. https://t.co/fP5NWxjRtE
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