Oil Is Going Nowhere
Oil is holding its value this morning, after both Brent and WTI Crude fell to their lowest price levels since 2009 yesterday.
At 9.30am GMT (4.30am ET), Brent was trading at $64.58, gaining 0.21%.
Crude is also stable at $61.27 a barrel at 10am GMT (5am ET).
Yesterday's price crumble means that the oil has lost 42% of its value since its highest in July this year.
Further drops in oil prices are likely in sight, though. Yesterday, Saudi Arabian Minister of Petroleum Ali Al-Naimi restated his country's intention not to cut production in the foreseeable future, meaning that there will probably be even more overproduction next year.
As Business Insider's Shane Ferro wrote, this is a clear signal that the OPEC does not have the power to influence the market by manipulating the world's output of crude.