The Traderszone Network

Published in TZ Latest News 17 March, 2015 by The TZ Newswire Staff

Brent falls below $54 to reverse earlier gains as glut worries drag

Prices on the other side of the Atlantic fell for a sixth session to just above a six-year low, keeping their discount to Brent at near $10, a trend that analysts say could deepen. “The oil market is currently oversupplied, driven in part by the success of North American shale,” Morgan Stanley said. U.S. crude, or West Texas Intermediate (WTI), was at $43.41 a barrel, down 47 cents and slightly above 6-year lows of $42.85 marked on Monday.