Brent crude and West Texas Intermediate continue to slump as Saudi Arabia's new King Salman assures a smooth transition and reaffirms that there will be no change in Saudi Arabia's policy towards cuts in production. Ali al-Naimi will stay oli minister. As the global glut persists Brent Crude lost -1.68%, currently trading at USD47.97 a barrel, far below the important USD50 level. On January 13^th Crude hit a low at USD45.19. West Texas Intermediate declined by -1.62% currently quoted at USD44.85. Data published on Friday showed that U.S. and Chinese stockpiles increased. U.S. stockpiles climbed to a record for December since 1930.

Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the worldwide supply exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share.