Oil Nears Six-Year Low with US Crude and Brent Hitting Brief Parity

Oil stumbled to a near six-year low on Tuesday while U.S. crude and brent oil reached brief parity as the glut in oil continues unabated.

According to Reuters:

Traders said it was not immediately clear why the benchmarks converged, but analysts said it was a combination of oversupplied global markets coupled with short covering on the U.S. crude contract.

Click here for the full article.