16/12/2014

Brent oil price falls dips below $60 a barrel

Brent oil price falls dips below $60 a barrel

The price of Brent crude oil has reportedly plunged to below $60 a barrel for the first time ever after July 2009.

Brent seem to have dropped by more than a dollar touching $59.75 a barrel, while markets have said that the price of US crude has fallen to $54.85.

Oil prices have come down by more than 50% since June due to waning demand and also increased supplies which comes after Opec reiterating that the oil cartel is not planning to shore up the oil prices by reducing any production.