Oil price changed hands this morning, and a new low of $56.99/barrel is now available on the market. 

At the time of writing, that price is the second lowest in the past two weeks. 

The price has remained relatively stable since mid-March when it peaked at $55.99. 

While this low is not as high as some previous lows, it is still lower than the average price of $58.30/barre in recent history. 

As we’ve been predicting, Midas has also recently seen the first time prices have dropped below $60.

It was last at $60/barru in late March and it remains there. 

It is important to note that this low price is not indicative of the future. 

For example, the oil market is in a bubble. 

If prices fall further, prices could quickly climb back to their previous levels. 

In the short term, however, the low oil price means that the current level of $55/barr may not last. 

According to the International Energy Agency, a global average price for oil of $59.97/barrent has been around since mid March. 

Given the low price, a decline in prices would mean a decrease in the supply of oil and a decline that would impact the global economy. 

This is why it is important for investors to be aware of when they are in a market bubble and when they may be in a correction. 

Investors should also take into account the fact that the price of oil is dependent on the value of the oil being traded. 

Therefore, if prices drop further, oil prices may fall more than they otherwise would. 

With the current low price and the oil price fluctuating around the $60-per-barrel mark, a potential market correction is on the horizon. 

Should you invest in Midas?

As a long term investor, there are many things to consider when it comes to oil. 

We recommend you read our Oil Index Report which gives a detailed look at the market and oil price fundamentals. 

There is also a comprehensive guide to buying oil, which can be found here. 

However, the best way to understand the current market situation is to read this guide from the Energy Department. 

When it comes time to make a decision, be sure to read our advice on what you should and should not do in the event of a downturn in the market, which is the key to understanding the oil and gas industry. 

You can also find out more from our interview with Dr. Anthony West, a Professor of Petroleum Engineering at the University of Western Australia.