Global crude prices fell again on Thursday, a day after a short-covering rally, as traders placed new bets that the market would resume a six-month rout on worries about a supply glut.
In early trade, oil extended gains from the previous session, when short-covering lifted prices more than $3 a barrel.
But in late morning trade in New York, benchmark Brent and U.S. crude tumbled to fresh session lows, with Brent off by about $2 to near $59 a barrel. U.S. crude for January settlement ended the session down by more than $2 per barrel, at $54.11.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.