Oil prices have cascaded lower in the global commodities rout and may still have further to go before finding a floor, analysts say.
Government data showing weakening gasoline demand added to the selling pressure Wednesday, as did a stronger dollar, up 1 percent against a basket of currencies. West Texas Intermediate fell 2.3 percent to $86.68 a barrel, a fresh 2013 low, and Brent, the international benchmark, hit $97.80, a 2.1 percent decline.
“If we break $86, I’m looking for $82,” said John Kilduff of Again Capital. “We’ve been unable to break that a couple of times. It’s going to be a tough nut to crack again. I would expect Saudi and OPEC response if it does.” Kilduff said WTI could reach $82.66 per barrel, a level reached last June.
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