Oil just smashed below $30

Oil just crashed past the $30 (£20.85) mark for the second time in a week as sentiment on the world’s most watched commodity continues to stink.

As of 9:00 a.m. GMT (4:00 a.m. ET) both major benchmarks, West Texas Intermediate, and Brent crude, are trading at below the magical $30 mark, with WTI leading the losses. It has fallen by nearly in trade so far today, and at pixel time is worth $ per barrel.

Brent isn’t faring much better, seeing losses of roughly 3.3%

Friday isn’t the first time this week that oil has dipped under the milestone. On Wednesday, Brent hit $29.96 per barrel briefly, before recovering to close the day above the $30 mark.

The biggest fear traders have right now is the possibility that oil ends a trading session below $30, which many fear will trigger and even bigger sell-off, and make $20, or even $15 oil a reality.

NOW WATCH: Jim Cramer’s inspiring words on how to come back from a beatdown

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.


Tagged In

clusterstock-us oil uk