Oil Fights Back

The price of oil is rising slightly this morning, reducing some of its losses from one of the worst collapses of the year. Yesterday oil crashed to its lowest level since 2009.

This morning crude is trading in positive territory, gaining 0.06 (+0.10%) and is valued $US63.11 a barrel at about 9am GMT.

At 9.30am, Brent is also in green, gaining 0.12 (+0.18%) and more importantly surging back above the $US66 threshold.

Of course, these are only minor improvements. It’s expected that after a very bad fall prices might surge a little the following day.

The long-term scenario still looks pretty bleak for oil producers.

This chart shows the oil price from the beginning of the year:

The crash has multiple consequences around the world:

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