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+--- Thread: Oil resumes slide after brief rebound on short-covering (/thread-22085.html)
Oil resumes slide after brief rebound on short-covering - chairman - 12-18-2014
(Reuters) - Global crude prices fell again on Thursday, a day after a short-covering rally, as traders placed new bets that the market would resume a six-month rout on worries about a supply glut.
In early trade, oil extended gains from the previous session, when short-covering lifted prices more than $3 a barrel.
But in late morning trade in New York, benchmark Brent and U.S. crude fell more than $1 a barrel to session lows. They then retraced some losses, with Brent down around $60 a barrel while U.S. crude was down near $55.
"We're continuing to search for a bottom, and might even see another significant drop before the year-end," said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut.