The Pain is Spain will not let Brent crude oil prices gain. Brent crude prices hit the lowest level since 2004 as uncertainty over Spain’s election is raising further concerns about European and global demand. Crude prices continue to fall as rig counts rise and demand expectations fall.
Oil prices edged higher on Tuesday as a slump to near 11-year lows in the previous session whetted investors' buying appetite but a lingering supply glut kept prices near troughs last seen during the financial crisis.
Crude oil prices appear to have found some stability during the last 24 hours after suffering some heavy losses since Friday. The decision by OPEC not to consider production cuts or announce a ceiling on output triggered another sell-off in oil and further declines could follow in the coming weeks.