Brent oil falls below $16; outlook gloomy

OPEC Crude Oil Production [71,482 bytes] Crude oil prices have reached their lowest point since September 1994, and there appears to be no hope in sight for a near-term revival. Brent crude oil for February delivery closed at $15.79/bbl in London trading on Jan. 5. Although the price had picked up slightly by OGJ presstime, it was still below the $16/bbl mark and expected to remain there for the time being.

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