West TX Oil Remains Below $48

Global oil prices extended their slide on Monday weighed by weakening demand in Europe and Asia, while refineries in Philadelphia and Ohio were hit hard by fires over the weekend, curtailing demand for crude in the U.S.

Both Brent and U.S. crude are at their lowest since April 2009 and have ended down for the past seven straight weeks.

The weakness across oil markets became evident last week when for the first time since 2009, the entire oil complex slipped into contango, a market structure where prices for immediate delivery is cheaper than for delivery in future months.

CNBC

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