Oil prices moved above $60 a barrel earlier in the day, but where unable to maintain their gains and have since dropped below the psychological $60 barrier once again.Earlier this year oil had been making steady gains as investors bet on an economic recovery occurring in the second half of this year, but we are now in the second half of the year and a recovery is nowhere in sight. As a result, traders have started to focus more on the underlying fundamentals for oil, and this has led to a pretty steep sell off over the past couple of weeks.
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