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Oil price drops to 11-year low just in time for Christmas Oil price drops to 11-year low just in time for Christmas
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The price of oil fell to its lowest level for 11 years yesterday as the world’s biggest producers fuelled a global supply glut in a war for market share. The price of oil fell to its lowest level for 11 years yesterday as the world’s biggest producers fuelled a global supply glut in a war for market share. 
Brent crude sank to $36.04 a barrel – even lower than during the financial crisis – to levels not seen July 2004, with analysts warning that prices could fall even lower still in 2016.Brent crude sank to $36.04 a barrel – even lower than during the financial crisis – to levels not seen July 2004, with analysts warning that prices could fall even lower still in 2016.
Oil futures haven fallen more than 18 per cent so far this month in the steepest decline since the collapse of Lehman Brothers in September 2008. City experts said more falls were likely in 2016 as supply outpaces demand, while the International Energy Agency said that Iranian crude oil exports could rise by half a million barrels a day within a year once sanctions are lifted. Oil futures haven fallen more than 18 per cent so far this month in the steepest decline since the collapse of Lehman Brothers in September 2008. City experts said more falls were likely in 2016 as supply outpaces demand, while the International Energy Agency said that Iranian crude oil exports could rise by half a million barrels a day within a year once sanctions are lifted. 
Output from war-torn Libya is also recovering, while the Opec cartel in effect abandoned production limits this month to take on US shale producers, whom analysts say are weathering the Opec assault better than previously thought. Output from war-torn Libya is also recovering, while the Opec cartel in effect abandoned production limits this month to take on US shale producers, whom analysts say are weathering the Opec assault better than previously thought. 
US crude stockpiles have reached nearly 500 million barrels, and the nation – which overtook Russia as the world’s biggest oil and gas producer this year – also scrapped a 40-year ban on crude exports last week, potentially pumping yet more oil into swollen global markets. US crude stockpiles have reached nearly 500 million barrels, and the nation – which overtook Russia as the world’s biggest oil and gas producer this year – also scrapped a 40-year ban on crude exports last week, potentially pumping yet more oil into swollen global markets. 
A stronger dollar meanwhile is pushing down the price following last week’s US Federal Reserve interest rate rise. Barclays said there was “further downside risk to prices” in a note, while Morgan Stanley said the market could suffer “serious setbacks” as US producers were “more resilient” than expected.  A stronger dollar meanwhile is pushing down the price following last week’s US Federal Reserve interest rate rise. Barclays said there was “further downside risk to prices” in a note, while Morgan Stanley said the market could suffer “serious setbacks” as US producers were “more resilient” than expected.  
  
The cost of oil stood at $114 a barrel just 18 months ago.The cost of oil stood at $114 a barrel just 18 months ago.
While painful for oil-producing nations and companies focused on North Sea production – where thousands of jobs have been shed – the tumbling cost of oil is good news for consumers in the UK.While painful for oil-producing nations and companies focused on North Sea production – where thousands of jobs have been shed – the tumbling cost of oil is good news for consumers in the UK.
According to the RAC, the average price of petrol is 102.06p a litre – the lowest since August 2009. Supermarkets, which account for 16 per cent of the UK’s forecourts but more than 40 per cent of sales, are widely selling petrol below the £1-a-litre mark, in a boost to the 19 million owners of petrol vehicles. The average price of petrol across the UK overall has not dipped below £1 since May 2009.According to the RAC, the average price of petrol is 102.06p a litre – the lowest since August 2009. Supermarkets, which account for 16 per cent of the UK’s forecourts but more than 40 per cent of sales, are widely selling petrol below the £1-a-litre mark, in a boost to the 19 million owners of petrol vehicles. The average price of petrol across the UK overall has not dipped below £1 since May 2009.
Federal Reserve Bank Chair Janet Yellen holds a news conference where she announced that the Fed will raise its benchmark interest rate for the first time since 2008 at the bank's Wilson Conference Center December 16, 2015 in Washington, DC.
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Profits at the Italian luxury goods group Prada fell 38 per cent in the quarter to 31 October, hit by slumping sales in China. Europe and Japan were the only two areas that saw modest growth for the fashion house, whose 2016 lines were modeled at the Milan Fashion Week. But a strong dollar held back travelers headed to the United States.
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A man in a space suit watches a television with school children at the Science Museum ahead of the launch of space mission Principia in London. European Space Agency Astronaut Tim Peake is the first publicly funded Briton in Space. The value of the space sector in the UK has grown from £6.5 billion in 2007 to £11.8 billion in 2014. It currently employs nearly 35,000 skilled workers, with current government ambitions for the sector to grow to £40 billion by 2030 and a further 100,000 jobs.
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Commission President Jean-Claude Juncker jokes with a Member of the European Parliament ahead of a debate on the future of the Economic and Monetary Union at the European Parliament in Strasbourg, France, December 15, 2015
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A robot arm, developed by Nachi Robotic Systems was on show at the International Robot Exhibition in Tokyo on Wednesday December 3. The Bank of England recently published research that 15 million UK jobs could be at risk of automation in the coming decades.
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Elizabeth Holmes is the only woman that has made it on the Forbes magazine “America’s richest entrepreneurs under 40” list. Elizabeth Holmes who founded the blood-testing company Theranos came sixth with $4.5 billion (£2.9 billion). Facebook’s Mark Zuckerberg topped the ranking with $47.1 billion.
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Peppa set out to hog the market - The film and TV distribution company Entertainment One said it was on course to double merchandise sales for the pre-school favourite Peppa Pig to $2bn (£1.3bn) by 2020. Sales of Peppa toys will begin in China next year, following the launch of the TV show there. E1's underlying annual profits climbed by 42 per cent to £52m, on sales up 2 per cent at £337m.
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The Eiffel Tower illuminated with the French national colors in tribute to the victims of the November 13, 2015 Paris terror attacks. Tourism and travel stocks fell on Monday in the wake of Friday’s jihadist attacks in Paris – as a leading European policymaker warned that the killings could compound the region’s economic woes.
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A model holds a 12.03-carat blue diamond during a press preview by auction house Sotheby's in Geneva on November 4, 2015. A 12.03-carat blue diamond could fetch a record $55 million (47 million Euros) when it goes under the hammer by Sotheby's on November 11 in Geneva. Categorised as a fancy vivid blue diamond, the Blue Moon, discovered in South Africa in January last year, is the largest cushion-shaped stone in that category to ever appear at auction
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Burberry shares were down 12 per cent after it missed forecasts for sales in the first half of 2015 as Chinese customers cut back on luxury goods.
Polaroid's owner C&A is suing Go Pro over its Hero4 Session camera, claiming the ice-cube shaped device is a rip-off of the Polariod Cube camera and infringes its patent. Shares in Go Pro, which denied the announcement, fell to an all-time low.
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In the aftermath of the Volkswagen emissions scandal BMW shares have fallen by more than 5 per cent after claims one of its models exceeded European emissions limits by more than 11 times.
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The coffee chain will provide an interest-free loan to pay a rental deposit that should be repaid within 12 months
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Groupon has cut 10% of its workforce and closed its operations in 7 countries. When it went public in 2011 it was valued at $12.8bn
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Britain's Chancellor George Osborne has urged closer business ties with China when he visited Shanghai, the country's commercial hub, on Tuesday. He declared that the UK and China will "stick together", despite stock market turmoil and faltering economic growth in the world's second-largest economy.
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Manchester United's absence from the Champions League hurt more than the fans' pride last year - it also dented the bottom line. Revenues at the New Uork listed club dipped 8.8 per cent to £395.2m in the year to June, triggering a £1.2 million loss after broadcasting and sponsorship deals dried up. The club said it was now looking to raise $400m from a share issue.
2015 Manchester United FC
Production of the next Star Wars movie has brought an economic impact of some £150 million to Britain, according to company accounts. The seventh movie in the series, The Force Awakens, will be released in December.
The Net-a-Porter founder Natalie Massenet decided to quit the online fashion retailer during "a summer of reflection" that included a spectacular 50th birthday party on the Almalfi coast.
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The chief executive of Yahoo, Marissa Mayer, said that she was expecting twin girls in December. She said she would "approach the pregnancy and delivery the same way as I did with my son three years ago, taking limited time away and working throughout". In 2012, she took two weeks off when her first child was born.
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Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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The supply glut has meanwhile put a premium on storage. The privately owned operator Greenergy will open its Thames Oilport terminal in the Thames estuary on the site of the former Coryton refinery.The supply glut has meanwhile put a premium on storage. The privately owned operator Greenergy will open its Thames Oilport terminal in the Thames estuary on the site of the former Coryton refinery.
The Oilport will eventually become the UK’s largest oil products terminal, according to Greenergy’s chief executive, Andrew Owens.The Oilport will eventually become the UK’s largest oil products terminal, according to Greenergy’s chief executive, Andrew Owens.
The collapse in oil prices over the past 18 months has made storage a highly lucrative business as traders and refiners opt to store crude and oil products until prices recover.The collapse in oil prices over the past 18 months has made storage a highly lucrative business as traders and refiners opt to store crude and oil products until prices recover.