Crude
prices slipped today to multi-year lows owing to a build-up in
supplies while the dollar rallied in response to a strong US jobs
report, as analysts warned of further losses. US benchmark West Texas
Intermediate for November delivery was down five cents at USD 89.69.
On Friday it closed below USD 90 for the first time since April 2013.
Brent North Sea crude eased 36 cents to USD 91.95, a two-year low.
While output surges in the United States owing to oil shale
extraction, exports are on the rise in Russia, Libya and Kurdistan.
Also, Saudi Arabia cut prices for the fourth straight month last week
to defend its market share, suggesting it is unlikely to cut
production any time soon. Both Brent and New York contracts have shed
about 15 per cent in the past three months. "Oil prices are
likely to keep falling for the rest of the year as global supply is
outstripping demand," said Tony Nunan, oil risk manager at
Mitsubishi Corp. in Tokyo. "Supply of US shale gas alone can
cover global demand this year, and unless OPEC countries reduce their
production, or unless a fresh geopolitical concern occurs, the best
estimate now is a bearish market," he added. Also depressing
prices is the stronger dollar, which surged Friday after the Labor
Department said the US economy created 248,000 jobs in September and
the jobless rate dipped to a six-year low of 5.9 per cent. The news
increased the likelihood the Federal Reserve will hike interest rates
sooner than later. The greenback is sitting at six-year highs against
the yen and two-year highs against the euro. A stronger greenback
makes dollar-priced commodities more expensive for buyers using
weaker currencies, which tends to dent demand and push prices lower.
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