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- Oil: Brent Crude below USD50 in today’s trading for the first time since May 2009 but recovered
Oil: Brent Crude below USD50 in today’s trading for the first time since May 2009 but recovered
Brent crude and West Texas Intermediate recovered today from new lows after declining for 4 days with Brent Crude falling below the level of USD50 in today's trading for the first time since May 2009. Prices slumped 48 percent in 2014 after three years of the highest average prices in history. West Texas Intermediate, the U.S. benchmark, declined to as low as $46.83 today, about a 56 percent decline from its June high and the lowest since April 2009.
Markets await U.S. Crude Oil Inventories due at 15:30 GMT.
The global glut continues in 2015 and a low global demand weighs amid record output from Iraq and Russia. Both major brands lost more than 50% of their value since mid-2014 but the OPEC, responsible for 40% of worldwide oil-production, decided to leave output-rates unchanged around 30 million barrels a day.
Brent Crude gained +0.88%, currently trading above USD50 at USD51.55 a barrel. West Texas Intermediate added +1.28% currently quoted at USD48.59.
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