Crude Oil Prices Retreat Back to 11-Year Lows on Supply Worries

The weak outlook for oil prevails, and oil prices are sliding back toward an 11-year low.
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The weak outlook for oil prevails and oil prices are sliding back toward 11 year low. Forecasts that the cold snap in Europe and the United States will be short-lived is adding to the pressure on prices. Crude prices have plunged by two-thirds since mid-2014 as soaring output from the Organization of the Petroleum Exporting Countries, Russia and the United States led to a global surplus of between half a million and 2 million barrels per day.More recently, a slowing demand outlook, especially in Asia but also Europe, has started dragging on prices. The Energy Information Administration is expected to release its data on oil supplies today. KaloBios (KBIO) has filed for Chapter 11 bankruptcy. The filing comes as the drug company, which was led by controversial CEO Martin Shkreli, said it would appeal the NASDAQ's decision to delist its shares. Bridgestone says it will not up its offer for Pep Boys (PBY), leaving investor Carl Icahn as the leading bidder.