Oil Trades Near 5 1/2-Year Low as U.S. Export Surge Adds to Glut

Friday, January 9, 2015

Oil Trades Near 5 1/2-Year Low as U.S. Export Surge Adds to Glut

From Bloomberg: Oil traded near the lowest level since April 2009 as record oil exports from the U.S. bolstered speculation a global glut that drove crude into a bear market will linger. Futures were little changed in New York after rebounding 1.5 percent yesterday. U.S. crude exports surged 34 percent to average 502,000 barrels a day in November, the highest on record dating back to 1920, data from the government show.

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