Oil Is Down

Oil prices are down this morning.

The Brent was under $US70 a barrel overnight, and it is currently trading at $US69.17 (-0.68%).

Earlier this morning, it was at $US69.08.

Brent 5.12.14

Crude is currently trading at $US66.25 (-0.84%):

Crude 5.12.14

Both indexes hit record lows earlier this week, with Brent oil hitting $US67.72 a barrel on December. Crude oil was traded at $US64.31 on the same day.

Tony Nuan, a risk manager at Mitsubishi, told Reuters that on the current path, oil could go as low as $US60 a barrel. “There is nothing to stop it,” he said.

Weaker oil prices could trigger a chain reaction that would further slow down the global economy. While OPEC’s leader, Saudi Arabia, seems well-funded in cash reserves to survive the current crisis, other countries, like Venezuela and Russia, are not as prepared.

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