Sure Mcx Tips, Free Gold Tips, 99% Sure Crude Oil Tips, Free Silver Tips, 100% Sure One Day Free Trial By www.expertcommodity.com

Oil prices stabilize after 'Black Friday' plunge by www.expertcommodity.com

Oil prices steadied on Monday after plunging nearly 8 percent in the previous session, but remain under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets.

Front-month Brent crude oil futures were at $59.23 per barrel, up 43 cents, or 0.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures, were up 11 cents, or 0.2 percent, at $50.53 per barrel.

The gains did little to make up for Friday's selloff, which traders have already dubbed 'Black Friday'.

Click Here: www.expertcommodity.com

Reacting to Friday's falls in Brent and WTI, China's Shanghai crude futures on Monday fell by 5 percent, hitting their daily downside-limit.

Greg McKenna, an Australian-based independent financial analyst, said there had been an "utter capitulation in crude oil" markets.

The downward pressure comes from surging supply and a slowdown in demand growth which is expected to result in an oil supply overhang in 2019.