Oil price likely to go further down

The International Financial Brokerage Group ((IFBG) reported Saturday that the oil prices hit a six-week low yesterday due to concerns about the impact of the US automatic cuts in spending, known as the sequester, on economic growth. In its weekly report, the group expected the oil prices to continue their downward slant over the coming week. The decline is in keeping with the retreat of the prices on the global market as a result of concerns about the US financial policy. The price of Brent crude futures for April delivery went down by USD 1.32 to USD 110.06 pb, a record low since January 17, before reviving slightly to USD 110.20 pb. The price of the US light crude futures for April delivery declined by 90 cents to USD 91.10 pb, taking to two percent the total loss in the last week, according to the report.