Oil tumbled 5 percent to near six-year lows before recovering ground on Tuesday, and Brent briefly traded at par to U.S. crude for the first time in three months as some traders moved to take advantage of ample storage space in the United States.
Traders were searching to store the glut of oil, which has knocked down prices 60 percent in the last six months. So far this week, Brent has lost 7 percent and U.S. crude 5 percent.
Brent LCOc1 settled down 84 cents at $46.59 a barrel, after falling to $45.19, its lowest since March 2009. |