West TX Oil Drops Below $63 as Selling Continues

World oil prices slid another 4 percent to new five-year lows on Monday, as expectations of a deeper slump next year and a prediction by a core OPEC member that crude will remain at $65 for several months triggered another round of selling.

U.S. crude oil settled 4.2 percent lower at $63.05 per barrel, at a new five-year low, its third worst drop of of the year. Brent crude for January fell was last down 4 percent at $66 a barrel, after slipping to a session low of $65.93—its lowest since October 2009.

The chief executive of Kuwait’s national oil company said oil prices were likely to remain around $65 a barrel for the next six to seven months, the latest indication that Gulf producers were content to ride out the latest rout.


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