Oil Is Down

Oil prices are down this morning.

The Brent was under $70 a barrel overnight, and it is currently trading at $69.17 (-0.68%).

Earlier this morning, it was at $69.08.

Crude is currently trading at $66.25 (-0.84%):

Both indexes hit record lows earlier this week, with Brent oil hitting $67.72 a barrel on December. Crude oil was traded at $64.31 on the same day.

Tony Nuan, a risk manager at Mitsubishi, told Reuters that on the current path, oil could go as low as $60 a barrel. "There is nothing to stop it," he said.

Weaker oil prices could trigger a chain reaction that would further slow down the global economy. And while OPEC's leader Saudi Arabia seem well funded in cash reserve to survive the current crisis, other countries are not as prepared.

Venezuela and Russia are the two economies most affected by the oil crisis at the moment.