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Oil Nears Six-Year Low with US Crude and Brent Hitting Brief Parity
Jan. 13, 2015 08:51AM PST
Resource Investing
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.
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.