EnergyWatch

Oil price recovers slightly after big loss

After Tuesday's major loss, the oil price has recovered slightly although prices continue to sit at the lowest levels in a long time.

Wednesday, one barrel of Brent oil is going for USD 63.62 against USD 62.53 Tuesday. Meanwhile a barrel of US WTI oil sells for USD 54.4 Wednesday against USD 53.43 Tuesday.

Tuesday, the price for Brent and WTI oil fell by 6.4 percent and 6.6 percent, respectively, because investors deemed that expected production reductions would not be sufficient to offset oversupply on the market. Additionally, the uncertainty impacted stock markets, indicating increasing concerns about economic growth.

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