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Oil prices fall on US storage glut, ongoing economic woes

Crude Oil
Oil prices slid on Thursday as record U.S. Crude inventories at the Cushing delivery point and worries about a global economic slowdown weighed on markets, and Goldman Sachs said prices would remain low and volatile until the second half of the year.

International benchmark Brent crude futures were trading at $30.53 per barrel at 0301 GMT, down 31 cents.
U.S. West Texas Intermediate (WTI) crude futures were at $26.96 per barrel, down 49 cents and within a dollar of the $26.19 a barrel 2003 low from January.

Oil prices have fallen almost 75 percent since mid-2014 as producers pump 1-2 million barrels of crude every day in excess of demand, just as China’s economy grows at its lowest rate in a generation.

Trading activity in Asia remained low due to China’s New Year holiday which lasts all week and as Japan is also on a public holiday.

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