Oil prices are dipping a little after a significant rally during US trading hours yesterday.
Brent crude rose by more than $US1 on early Tuesday morning, peaking at $US72.96 at 9 a.m. GMT.
It has slowed down since, and it is currently trading at $US72.15 (-0.54%). Here it is a little earlier
Yesterday Brent crude had risen by up to $US5.22, up from a trough of $US67.72 to $US72.94 in just a day, gaining back some ground after several sessions in which the price tumbled, following the OPEC decision not to cut production on 27 November.
The WTI crude index also fell to its lowest level since 2009, but yesterday WTI rallied during US trading hours.
This morning WTI is trading at $US68.31, down 1% from its daily peak at $US69, but still a good $US5 higher than the depth sit was trading early Monday.
Business Insider’s Myles Udland noted that some volatility should be expected when the price is adjusting so much: “While the price of oil went straight down over the last two days, it isn’t going to straight down over a period of weeks or months.
So, some bounces are to be expected.“
Oil has lost a third of its value since a slide in prices began this summer.
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