Tyche Capital

The selloff in oil paused on Wednesday for the first time in five days, with traders appearing to take stock of the market's rout after crude prices lost nearly 10 per cent over two days and benchmark Brent fell to below $50 a barrel.

European oil prices in a year's time have risen to a premium over immediate prices for the first time since 2012, as turmoil in Iraq and Libya and tensions between Russia and the West elevate supply risks in the months ahead.

The selloff in oil paused on Wednesday for the first time in five days, with traders appearing to take stock of the market's rout after crude prices lost nearly 10 per cent over two days and benchmark Brent fell to below $50 a barrel.

European oil prices in a year's time have risen to a premium over immediate prices for the first time since 2012, as turmoil in Iraq and Libya and tensions between Russia and the West elevate supply risks in the months ahead.