Brent Crude Oil Is Holding Below $60

Brent crude prices are down again on Wednesday morning, after ticking up on Tuesday afternoon.

At 9 a.m. GMT (4 a.m. ET), Brent is trading at $59.36, down 1.09% from earlier today.

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WTI Crude is also losing ground, and at 9 a.m. GMT (4 a.m. ET) it's selling at $55.32 a barrel, down 1.67%.

Yesterday, Crude oil broke below $54 a barrel, a five-year low, before rising slightly back in the later hours of US trading.

WTI crude has lost almost half of its value since peaking in July this year above $107 a barrel.

Here's a long term chart:

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This morning Avtar Sandu, a senior manager for commodities at Phillip Futures, told Reuters what's happening:

"The story is still the same. Europe is weak, China is weak, and the US economy is growing by a bit. It's a supply story. The only thing is that the markets are very oversold and oil is extremely cheap at this levels."