Mar 18, 2015 (LBO) - U.S. benchmark West Texas crude sank to 42.85 US dollars before settling off 2.1 percent to 43.88 US dollars on the New York Mercantile Exchange, a six-year low.
Brent crude, the international benchmark, eased 2.3 percent to 3.44 US dollars in the wake of a burgeoning global supply glut and prospects of even more oil coming to market with a possible nuclear accord with Iran paving the way for higher Iranian exports.
The renewed slide in crude pushed U.S. wholesale gasoline prices for mid-April delivery down two 2 percent to 1.72 US dollars a gallon.
Currently, retail prices, down nine straight days, average 2.42 US dollars a gallon, up from 2.25 US dollars a month ago, after falling to 2.02 US dollars in late January.
After topping out above 107.23 US dollars a barrel last June, West Texas crude has tumbled almost 60 percent.