Crude Oil In Free Fall, Drops Near USD29

15/01/2016 21:49 AST

Crude oil price plunged below USD30 a barrel Friday morning amid speculation that OPEC will continue pumping oil at a breakneck pace despite the global supply glut. Iran's oil is coming back to market after years of sanctions, just as Saudi Arabia is having a price war with non-OPEC competitors. Crude oil for February was down USD1.83 a barrel at USD29.38 a barrel, the lowest since 2003. Prices have been heading lower since 2014, when oil futures were near USD100. The Commerce Department is due to release its retail sales report for December at 8:30 am ET.


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