07/01/2015

Price Of Brent Crude Oil Drops Below $50

The price of Brent crude oil has dropped below $50 (£33) a barrel for the first time since May 2009.

It fell to $49.99 a barrel this morning, however it rose back above $50.

Nobuyuki Nakahara, a former oil executive and ex-member of the Bank of Japan's policy board, told Reuters he also expected further price falls.

He explained: "Oil prices are likely to keep falling due to slower Chinese growth and because the years of prices above $100 before the recent plunge were 'abnormal' historically."

(CD/JP)

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