Oil prices were moderately lower Tuesday morning, after frenzied buying and selling on Monday saw prices plunge to multiyear lows and then rebound. Prices remained volatile on Tuesday with Brent crude dipping below $72 a barrel in early London trading before rallying to touch $73 a barrel. By midmorning, Brent crude for January delivery was down 52 cents at $72.01 a barrel on ICE Futures Europe. WTI for January was down 68 cents at $68.12 on the New York Mercantile Exchange. The “radical turnaround” on Monday was probably a technical countermovement after the slump at the end of last week, according to Commerzbank analysts. Prices had fallen sharply on Thursday and Friday after The Organization of the Petroleum Exporting Countries declined to cut its production runs and thereby alleviate the global glut of oil that has been pressing on prices for several months. Oil prices are […]