US oil settles at lowest price since February 2009

Oil Companies

Oil prices settled slightly lower on Tuesday but not before plumbing new lows seen during the 2009 financial crisis as an intensifying supply glut sparked fears the world will run out of storage for crude.Brent and U.S. crude futures sunk beneath $40 a barrel, hitting February 2009 levels and extending Monday’s 6 percent rout, before paring losses on what traders said was most likely short-covering.
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