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Oil below $59 for first time since ’09
Brent crude fell as low as $58.50, its weakest since May 2009. As of 1221GMT it was down $2.12 at $58.94 while US crude was down $1.73 at $54.18 per barrel.
Oil fell below $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month sell-off as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.
International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June on ample supply and slowing demand, and a switch in strategy by the Opec to defending market share rather than prices.
Brent crude fell as low as $58.50, its weakest since May 2009. As of 1221GMT it was down $2.12 at $58.94 while US crude was down $1.73 at $54.18 per barrel.
“The trend remains down,” said Robin Bieber, technical analyst and director at London-based oil broker PVM Oil Associates.
“It is not advised to be long.”
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