Brent Crude Down More than Nine Percent This Week

Brent crude oil is slipping towards $62 a barrel, unseen since July 2009, and is down more than nine percent this week. Since it peaked in June, it’s fallen 45 percent.

According to Reuters:

Brent LCOc1 was down $1.03 at $62.65 per barrel by 9:27 a.m. EST and hit a low of $62.37.

Down 33 percent already, it is on track for its biggest quarterly drop since the fourth quarter of 2008.

U.S. crude CLc1 was down $1.21 at $58.74 per barrel, after falling to $58.27, its weakest since May 2009. The contract has lost about 11 percent this week.

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