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Oil Falls To New Six-Year Low

Jan 12, 2015, 14:38 IST

Oil is plunging on Monday morning, dragged down by mixed data from the Asian markets, and overproduction in the OPEC countries.

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At 8.45 a.m. GMT (3.45 a.m. EST), Brent was trading at $49.98, losing 2.57% from its previous value.

Earlier today, it had gone down to $48.68, the lowest figure since April 2009.

Last week Brent had already fallen below $50, before slightly fighting back above that value.

Here is a chart of Brent today:

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WTI Crude was also falling: at 8.49 a.m. GMT (3.49 a.m. EST), Crude Oil was trading at $47.33, losing 2.13%.

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So far, it has already been a terrible 2015 for oil futures.

According to the Financial Times, there will be an overproduction of between 1 million and 2 million barrels in the first half of 2015.

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Here is a chart of Brent's performance in these first ten days of 2015:

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