Brent crude oil has fallen almost $2 a barrel hitting a new five-year low. As Sonia Legg reports the slump followed predictions that oversupply will keep building until next year after OPEC decided not to cut output.
Another and you let the oil Brent crude has fallen almost two dollars a barrel to its lowest price in five views. A report from the US investment bank Morgan Stanley fueled the full. It believes with OPEC refusing to cut output at the supply will keep building until next is. Oil prices it says could be from fullest and I was 43 dollars a barrel. It's cut evaporates 2015 Brent base case outlook by 28 dollars by fourteen dollars a barrel the 26 team. At one point Brent crude fell one dollar 72 to its lowest since October 2009. CIBC's Jeremy stretch says is that government sold. For those produces is clearly a negative for consumers and import visits that it's not positive and I guess it's a question of balancing outlays that competing issues and overall that's for Rihanna actually encouraging from the from the global economy I think it will. Benefits though on the consumer side and those consumer oriented economies like the US to an extent the UK. As well as those in poor. The other prices are hitting the smaller oil produces like Libya and Nigeria haunt. Jimmy Paxton coffin child's family phase it may not be entirely could ease the consumers Ida. I can't get away from the possibility that the weakness in the old price. It's note just a function of supply rules that are potentially weak tomorrow I think the waivers in a partly current recession lucrative amendment. And a couple of text bundle and partly have been that the weakness in deal price is unequivocally. Good thing. China's crude oil imports rose 9% in November from October suggesting the country may be pasting it's resents. But trade data from China feather unsettled prices. It's imports shrank unexpectedly in November falling six point 7% to. At the same time expo quite slate. Fueling concerns the world's second largest economy could be facing a shops laid down.