Brent crude (BNO, quote) oil began the week on a low note after GDP data helped confirm suspicions of a global slowdown. The commodity traded at $78.19 at 8:15 GMT, following surprising reports that Japan had fallen into a recession.
For oil traders and speculators hitting the sell button has become almost automatic, as the heavily bearish tone for the commodity shows no signs of abating just yet, with another solid move lower yesterday offering low risk trading opportunities once again.
Brent crude oil (BNO, quote) remained below $89 on Tuesday as a global supply glut continued to weight on prices.
Brent crude oil (BNO, quote) nearly fell below $94 on Thursday morning as investors continued to worry about growing supplies and a waning global economy.
