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| Brent oil price falls below $60 a barrel | Brent oil price falls below $60 a barrel |
| (about 1 hour later) | |
| The price of Brent crude oil has fallen below $60 a barrel for the first time since July 2009. | The price of Brent crude oil has fallen below $60 a barrel for the first time since July 2009. |
| Brent dropped by more than a dollar to $59.75 a barrel, while the price of US crude fell to $54.85. | Brent dropped by more than a dollar to $59.75 a barrel, while the price of US crude fell to $54.85. |
| Oil prices have now nearly halved since June as a result of waning demand and increased supplies. | Oil prices have now nearly halved since June as a result of waning demand and increased supplies. |
| At the weekend, the head of Opec reiterated that the oil cartel would not try to shore up the oil price by reducing production. | At the weekend, the head of Opec reiterated that the oil cartel would not try to shore up the oil price by reducing production. |
| The comments came a couple of days after the International Energy Agency cut its oil demand forecast for 2015. | The comments came a couple of days after the International Energy Agency cut its oil demand forecast for 2015. |
| While cheaper oil prices are set to provide a boost to many economies through cheaper fuel prices, the sharp drop in the cost of crude is affecting many oil producers. | While cheaper oil prices are set to provide a boost to many economies through cheaper fuel prices, the sharp drop in the cost of crude is affecting many oil producers. |
| On Tuesday, Russia dramatically increased its interest rate to 17% from 10.5% in an attempt to halt the slide in the country's currency, the rouble. | On Tuesday, Russia dramatically increased its interest rate to 17% from 10.5% in an attempt to halt the slide in the country's currency, the rouble. |
| The rouble has lost 50% against the US dollar this year as falling oil prices and Western sanctions continue to weigh on the country's economy. | The rouble has lost 50% against the US dollar this year as falling oil prices and Western sanctions continue to weigh on the country's economy. |
| Goldman Sachs has estimated that up to $1tn of spending on future oil projects could be hit given the recent plunge in oil prices, the Financial Times reported. | |
| If this spending was cancelled, it would cut new output by about 7.5 million barrels a day over the next decade, or about 8% of current demand, the paper said. Such a drop in investment could mean that the current supply glut will disappear. |