Oil prices continue the slippage

Oil prices picked up their sliding pace yesterday. Brent crude oil dropped by 4% and reportes a 2.5 month low at $44 per barrel. In last two trading days, it lost nearly 7%.

Also, there is sharp fall seen in WTI off late. It was at $41.4 per barrel, at its lowest since August close. This was confirmed by yesterday's inventory data published by the US Department of Energy, which show that US crude oil stocks increased by 4.2 million barrels last week. 

"It now seems only a question of time before it drops below the $40 per barrel mark, as the oversupply on the US oil market remains high", says Commerzbank in a research note.