Oil Plunges To New Six-Year Lows

Oil is plunging again, dragged down after mixed data from the Asian markets, and overproduction in the OPEC countries.

At 8.45 a.m. GMT Brent was trading at $US49.98, down 2.57% from its previous value.

Earlier today, it had fallen to $US48.68, the lowest price since April 2009.

Last week Brent fell back below $US50 for the first time in nearly six years, before fighting back upwards a little.

Here’s a chart:

Brent 2015 01 12 at 8.45.44 AM

WTI Crude was also falling: at 8.49 a.m. GMT (3.49 a.m. EST), Crude Oil was trading at $US47.33, down 2.13%

Here is a chart at that time:

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