Oil prices are off 25 percent from their four-year highs reached in early October, after the massive sell-off that began later that month which dragged crude oil squarely into bear market territory in November, completely wiping out this year’s gains. On Tuesday, prices continued to fall sharply, with WTI reaching $53.34 by at 4.55pm EST, and Brent crude falling 6.65% on the day to $62.35. Both benchmarks are now trading at multi-month lows due to high crude stockpiles and disappointing results from the sanctions against Iran that most suspected would result in a tightening of supply. The price slide that began early last week saw oil prices record their steepest one-day plunge in three years . Prices recovered somewhat in the latter half of last week, only to spiral downward again this week as concerns about oversupply persist. Despite today’s sharp downward trend, some analysts think that prices are […]