Tuesday, December 8, 2015
Oil Hits 2009 Lows as Investors Await News
Oil prices have hit lows not seen since the 2009 global financial crisis as investors await updates from two major offshore helicopter support firms. CHC Group was scheduled to post fiscal 2016 second-quarter results today after U.S. financial markets close. Early on Dec. 10, Bristow Group plans to brief attendees on its operations during the Capital One Securities 10th Annual Energy Conference in New Orleans. Earlier today, prices of contracts for future deliveries of the benchmark North Sea Brent and West Texas Intermediate crude oils fell below $40 a barrel to levels not seen since February 2009, when the Great Recession choked global economies. Analysts blame worldwide oversupply for the slumping prices, which have hurt the operations of offshore support firms and manufacturers of medium- and heavy-lift helicopters. The U.S. Energy Information Admin. today said Brent prices averaged $44 a barrel in November, down $4 from October, while global inventories increased by 1.3 million barrels per day.