Crude oil prices settled below $60 a barrel Thursday as renewed selling pressure pushed benchmark prices to new five year lows. And the carnage may not be over yet.
In the US, West Texas Intermediate crude fell 2.6% to $59.36, its lowest level since July 2009. Brent crude oil dropped 1.4% to $63.34.
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The slide came after Saudi Arabia, the world's No. 2 oil producer after the U.S., suggested it would not cut production to prop up prices. Separately, Bank of America warned that crude oil prices could fall to $50 a barrel in 2015 as North American output, coupled with increased production in Iraq and Libya, hits markets already awash in supply.
West Texas crude peaked this year at about $107 a barrel in June. It's now down about 44%.
"We're going appreciatively lower,'' says Tom Kloza, senior analyst for the Oil Price Information Service. "We could see $45 this month. We haven't found a bottom yet."
Crude's slide pushed gasoline futures down 1.3% to $1.62 a gallon on the New York Mercantile Exchange, which is likely to spell more relief at the pump for motorists.
Back home, Petronas has set the price factor for Malaysian Crude Oil (MCO) for December at US$4.80 per barrel, down 90 US cents from the previous month, a source with direct knowledge of the matter said on Thursday.
Petronas introduced a new official selling price (OSP) for its crude based on a basket of Malaysian crude oil grades Labuan, Miri Light and Kikeh with effect from January.
In the US, West Texas Intermediate crude fell 2.6% to $59.36, its lowest level since July 2009. Brent crude oil dropped 1.4% to $63.34.
The slide came after Saudi Arabia, the world's No. 2 oil producer after the U.S., suggested it would not cut production to prop up prices. Separately, Bank of America warned that crude oil prices could fall to $50 a barrel in 2015 as North American output, coupled with increased production in Iraq and Libya, hits markets already awash in supply.
West Texas crude peaked this year at about $107 a barrel in June. It's now down about 44%.
"We're going appreciatively lower,'' says Tom Kloza, senior analyst for the Oil Price Information Service. "We could see $45 this month. We haven't found a bottom yet."
Crude's slide pushed gasoline futures down 1.3% to $1.62 a gallon on the New York Mercantile Exchange, which is likely to spell more relief at the pump for motorists.
Back home, Petronas has set the price factor for Malaysian Crude Oil (MCO) for December at US$4.80 per barrel, down 90 US cents from the previous month, a source with direct knowledge of the matter said on Thursday.
Petronas introduced a new official selling price (OSP) for its crude based on a basket of Malaysian crude oil grades Labuan, Miri Light and Kikeh with effect from January.