After a brief rally yesterday morning, oil prices are tumbling again. Brent Crude prices have been pushed below $US60 per barrel for the first time since mid-2009. As of 8.45 a.m. GMT, Brent is down 2.52% at $US59.67.
WTI, the other major oil price benchmark, dropped to just $US54.89 this morning, down by another 2.38%. That’s down by almost half from where it peaked for 2014 this summer, at $US107.26.
The slide since the summer has almost halved crude oil prices: keep an eye on WTI: If it drops to $US53.63, it will have fallen by 50% in half a year.
The recent and particularly sharp slump in prices since late November came after OPEC, the oil-producing cartel, was unable to agree on a production cut. That’s now gone so far that the United Arab Emirates’ oil minister suggested that the bloc might be happy with oil falling to $US40 per barrel, according to Bloomberg.