Oil recovers from below $37.00 a barrel, reverses daily losses

December 8, 2015

Oil prices reversed daily losses during the New York session amid profit taking in the absence of fundamental catalysts. WTI turned positive for the day after hitting a fresh 6-year low of $36.64 a barrel, and climbed back above $38.00 a barrel, where it is now up 1.1% on Tuesday after two days of sharp losses. Brent is also up for the day, trading near $41.00 a barrel.

Oil prices faced strong selling pressure over the last sessions after the Organization of the Petroleum Exporting Countries (OPEC) failed to agree at its meeting on Friday to cut output to stabilize prices, which have fallen more than 60% since mid-2014. 

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