The oil price rout deepened on Tuesday with Brent, the international crude marker, and its US counterpart West Texas Intermediate trading at five-and-a-half year lows.
After falling more than $3 a barrel in the previous session to levels last seen in the spring of 2009, ICE February Brent traded as low as $50.52, before rallying to settle at $51.10, down $2.03.
US benchmark crude, Nymex February West Texas Intermediate, resumed its fall below $50 a barrel, coming to rest at $47.93, down $2.11. The fall, to as low as $47.55 a barrel, came in spite of data that showed a further decline in active US oil rigs.
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