Market and product

Oil Prices Fall to Two-Month Low With Brent Crude Below $45 per Barrel

09:29 PM @ Tuesday - 26 July, 2016

The Brent crude prices recovered by a little margin since its lowest point earlier in the day, reaching $45.10 per barrel, while WTI prices reached $43.09 per barrel.

Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid output outages and growing demand in May, reaching a peak of over $ 50 per barrel in early June.