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US Oil Settles at $26.55 Barrel Reaching Lowest Price Since 2003

© AFP 2023 / MARK RALSTONOil pumps in operation at an oilfield near central Los Angeles
Oil pumps in operation at an oilfield near central Los Angeles - Sputnik International
Prices for the US oil benchmark West Texas Intermediate have reached $26.55 a barrel on Wednesday, falling 6.7 percent, according to New York Mercantile Exchange (NYMEX) data.

WASHINGTON (Sputnik) — The oil prices have reached their lowest point since May 2003, settling several cents higher than their intraday low of $26.19.

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In addition, the global benchmark Brent settled at $27.94 a barrel, falling 2.9 percent and collapsing the US stock market.

Earlier in the day, the Fitch rating agency lowered the 2016 price forecast for oil to $45 a barrel, suggesting that the long-term oil price will stand at $65 a barrel.

Fitch said US producers took advantage of special conditions in 2015, including low-cost brownfield expansions and previously funded projects, which allowed them to keep production higher than anticipated. However, Fitch added opportunities will diminish in 2016, leading to decline in production.

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