West TX Oil Settles Below $55
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.
About Stuart McPhee
Senior Currency Technical Analyst, Stuart McPhee has more than 16 years’ experience as a private trader and he specializes in technical market analysis of major currency pairs. He is the author of several bestselling trading books, most recently the fourth edition of his popular book “Trading in a Nutshell” (John Wiley), and he contributes articles to daily newsletters and blogs. He produces articles and videos on the how-tos of technical trading. Based in Australia, Stuart speaks at conferences and events worldwide. Follow on Twitter and on his Google+ profile.