Brent Crude Oil Is Holding Below $60

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:

Wednesday morning, Avtar Sandu, a senior manager for commodities at Phillip Futures, told Reuters what was happening:

“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.”

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