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Crude oil drops, glut to last for 15 years?

FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic dropped on Thursday as global growth concerns heightened after weak Japanese data released earlier today.

At the time of writing, WTI oil for October delivery was trading 1.5% lower at USD 46.38/barrel. Brent for October delivery was down 1.7% at USD 48.88/barrel. The data released earlier today showed Japan's exports slowed for a second straight month in August, highlighting the slowdown in the global economy.

Goldman sees 15-years of weak Crude

The bearish pressure on prices strengthened further after the investment bank Goldman Sachs said the crude oil glut may keep prices low for the next 15-years.

The oil traders also wait to see if the Fed raises rates later today and re-establishes the optimism surrounding the US economy or delays its rate hike and points to a slowdown in the world’s largest economy.

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