Crude oil prices recorded a second straight day of steep declines yesterday as data suggest supply-side pressures building in spite of OPEC's best efforts.
Over the previous four days, crude oil prices soared as much as US$10 per barrel after members of the Organization of Petroleum Exporting Countries (OPEC) agreed to a production ceiling of 32.5 million barrels per day starting in January.
In trading yesterday, West Texas Intermediate (WTI) crude oil, which is priced within the range of T&T's light sweet crudes, lost US$1.16, or 2.3 per cent, to US$49.77 a barrel in New York. Brent crude, the international standard, slid 93 cents, or 1.7 per cent, to US$53 a barrel in London. Energy companies traded higher yesterday, although they rose less than the rest of the market.
In other energy trading of interest to this country, natural gas fell 3 cents to US$3.60 per 1,000 cubic feet.