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Brent oil price falls below $60 a barrel Brent oil price falls below $59 a barrel
(about 3 hours 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 $59 a barrel for the first time since May 2009.
Brent dropped by more than a dollar to $59.75 a barrel, while the price of US crude fell to $54.85. After dropping below $60, the Brent price then fell to $58.50 a barrel, before recovering slightly to $58.94.
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.
The latest fall was triggered by news of a fall in industrial activity in China, the world's second largest consumer of oil.
The price of US crude fell by $1.73 to $54.18 a barrel.
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. Rouble rout
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. While lower oil prices could provide a boost to many economies through cheaper fuel, the sharp drop in the cost of crude is affecting many oil producers.
On Tuesday, Russia dramatically increased its interest rate from 10.5% to 17% 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. However, early signs were that the attempt to defend the currency had failed, with the rouble hitting fresh lows against the dollar.
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. Investment hit?
With high levels of output from the US and no sign of a sustained economic recovery in Europe, most experts believe prices will remain low for the foreseeable future.
However, the low cost of crude may also make investment in some new wells uneconomical - which means prices could rise in the longer term.
Goldman Sachs has estimated that about $930m of investment in new oil projects could be hit, given the recent plunge in oil prices.
Without this investment, new oil output could be cut by about 7.5 million barrels a day by 2025, or about 8% of current demand, the bank estimates.