NEW YORK, Nov. 5 (UPI) -- Brent crude oil prices continued their drift toward the $80 mark in early Wednesday trading after the European Commission said it expected slow economic growth.
Brent for December delivery was off nearly 50 cents per barrel to trade at $82.26, one of the steepest discounts in years and a continuation of a major price drop-off that started the trading day Tuesday.
Crude oil price indices suffered huge losses Tuesday after Saudi Arabia adjusted its oil prices further to shore up its market position. That was followed by the autumn economic forecast from the European Commission, which predicted a slower pace of economic recovery.
Following a stress test that found major European banks could withstand another economic crisis, the EC's report said real gross domestic product growth would not hit the 2 percent mark until 2016.
"There is no single, simple answer to the challenges facing the European economy," Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs, said in a statement.
In the United States, Republican leaders seen as favoring a pro-oil agenda took control of the Senate, a move seen as a further stimulus to the country's vibrant shale sector.
West Texas Intermediate, the U.S. benchmark, rallied in early Wednesday trading from its Tuesday lows to sell for $77.38 for December delivery.
