Oil falls below $70

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Brent crude has slipped under the $70 mark for the first time since April.

After hitting four-year highs at the beginning of October, the global benchmark has now fallen more than 18%.

US oil is at $60.42, down more than a fifth since early October, officially putting it in “bear-market” territory.

“There is no slowing down the bear train,” said Stephen Brennock at London brokerage PVM Oil.

“Instead, the energy complex has extended a rout driven by swelling global supplies and a softening demand outlook. There is now a sense of inevitability that the European crude benchmark is poised to revisit the $60s per barrel.”

 

Source: BBC

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