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Oil prices extend slide as growing glut triggers floating storage

From reuters.com

Oil prices slid in early Asian trade on Wednesday after touching their lowest in nearly six years the previous session, with analysts predicting further falls as oversupply plagues the market. Oil tumbled 5 percent to near six-year lows on Tuesday, with the Brent crude international benchmark briefly trading at par to U.S. prices for the first time in three months as some traders moved to take advantage of ample U.S. storage space. February Brent crude LCOc1 had dropped 40 cents since its last settlement to $46.19 a barrel by 0238 GMT. U.S. crude for February CLc1 was trading at $45.60 a barrel, down 29 cents. [O/R] ... (full story)

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