U.S. crude's West Texas Intermediate futures settled down 21 cents, or 0.5 percent, at $42.92 a barrel. It extended losses after the release of the API data, sliding more than 1 percent. During the session, WTI fell to as low as $42.36 earlier, its lowest since April 20. Brent rose 15 cents, or 0.3 percent, to settle at $44.87 a barrel, and turned negative after the API data. During the session, Brent fell to $44.14, its lowest since May 10. Brent's premium to WTI reached its highest since late April as investors bet the U.K. benchmark will continue rallying against its U.S. rival. (A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. - REUTERS)
Crude seen at US$50, prices may remain for next five years
KUALA LUMPUR: The new normal for oil is US$50 per barrel, says a leading consultancy firm.
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