Crude oil drops to five-year low

Published Dec 15, 2014

Share

CRUDE oil markets fell 3 percent or more to plumb new five-year lows on Friday after the world’s energy watchdog forecast even lower prices on weaker demand and larger supplies next year. Benchmark Brent oil settled at below $62 (R719) a barrel and US crude slumped to under $58 to extend Thursday’s landmark fall below $60. On Friday, the International Energy Agency cut its outlook for demand growth in 2015, triggering another collapse. – Reuters

Related Topics: