Oil prices heading to $36, Brent now $43

Although oil prices stabilized in Asia  today after having plunged more than 6 percent on Monday to 6 1/2-year lows, there are indications that prices may be heading to the level they were in 2008, in the aftermath of the global financial meltdown.

Brent crude then traded at $36.20. At the price level today, the fall is now over 66 per cent.

In Asia trading today, U.S. crude futures CLc1 traded at $38.73 per barrel, up 1.2 percent on the day, and off Monday’s low of $37.75.

Brent crude futures last stood at $43.03 after having fallen to $42.23 on Monday.