US crude oil fell below $ 60 for the first time in five years

US crude oil prices fell below $ 60 a barrel Thursday for the first time in five years, fell below the psychologically important support level. Lingering concerns about oversupply, so the decline in the expansion of the oil market this week.

Market watchers said that although the US economy is better, earlier support to the market, but the rally failed to adhere to a close, the selling prices down since Wednesday.

Traders and analysts said that after six months of decline, oil prices fell by nearly half, but still difficult to find the bottom. Almost no one can guess how low oil prices have to fall, and when they can return to the level of $ 100 again.

"Let the market rebounded quickly, you need to be able to really make a significant reduction in the supply of major events, such as Libya out of control, or Russia stand up and say you want to cut, but we expect that Russia will not do it," Joseph Posillico, senior vice president, energy futures Jefferies said.

US crude oil prices in recent months contract settled down $ 0.99, or 1.6 percent, to $ 59.95 a barrel, after its lowest point since July 2009 $ 59.56. The futures fell to $ 59.26 a barrel in after-hours further. When the June-month contract is still in the nine-month high above $ 107.

Brent crude contract fell $ 0.56 in recent months, reported $ 63.68, after five and a half fell to a low $ 63.48. June Brent crude at $ 115 at the top.

When the settlement, US crude oil futures are down 9% to the week, Brent crude fell 8%.

Clearing Houbulante crude oil continued to fall, a drop of about 1%, while the decline in US crude oil almost doubled.

Thursday intraday market is relatively steady at intermittent shock, but fell a few minutes before closing.

Some traders said that if Algeria and Venezuela to persuade OPEC (OPEC) held an emergency meeting early next year, the market is likely to rekindle speculation for OPEC, the oil price trend is expected in the coming weeks so severe concussion. But others believe that even if such meetings, but also for Saudi Arabia agree to cut skeptical.