Brent crude prices are down again Wednesday morning after ticking up on Tuesday afternoon.
At 12 a.m. GMT (7 a.m. ET), Brent is trading at $US59.22, down 1.32% from earlier in the day.
West Texas Intermediate Crude is also losing ground, and at 12 a.m. GMT (7 a.m. ET) it was selling at $US55.35 a barrel, down 1.61%.
On Tuesday, Crude oil broke below $US54 a barrel, a five-year low, before rising slightly back in the later hours of US trading.
WTI crude has lost almost half of its value since peaking in July this year above $US107 a barrel.
Here’s a long-term chart:
“The story is still the same. Europe is weak, China is weak, and the US economy is growing by a bit. It’s a supply story. The only thing is that the markets are very oversold and oil is extremely cheap at these levels.”