Oil futures stabilized somewhat on Wednesday, but are still mired in their lowest prices since the beginning of the decade.
Light, sweet crude futures set for delivery in December were up $.70 in the Globex electronic session to $77.74 per barrel, while December Brent crude fell by $.24 to reach $82.59, according to MarketWatch. The figures for Brent futures are at an even lower valley than crude futures, currently seeing their lowest prices since 2010.
Brent oil is being weighed down by consistent news of weak economic data from Europe, which is pushing prices lower than expected or predicted.
"The downward revision in the eurozone macroeconomic outlook and the further decline in prices were both more of a confirmation that a bearish trend remains than any stunning new development," Citi Futures analyst Tim Evans told the news source.
U.S. crude is at its lowest point since October 2011 and has seen a plummet of nearly 4 percent so far this week, Binary Tribune reported. Brent has slid by at least 2.74 percent in that same period of time.
Also adding to the sluggish market was data from China found to be worse than expected, with reports finding the country's services sector grew slower than anticipated in October and showed the weakest pace seen in five months.
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