The price of oil fell below $65 for the first time in five years yesterday, after producers’ cartel Opec lowered demand forecasts for its crude to their lowest level in a decade.
The report by Opec highlighted the looming supply glut facing oil markets amid surging US shale output and weakening global demand.
It worsened the already bearish outlook for oil, which has fallen 43 per cent since mid-June. Brent, the international benchmark, dropped as much as 4.9 per cent to $63.56, the lowest level since July 2009. West Texas Intermediate, the US benchmark, also fell after US crude stocks unexpectedly rose.
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