Published On: Mon, Dec 29th, 2014

Oil price goes down again

oil refineryOil prices were under pressure again today. After initial recovery the main measures dropped at the beginning of the evening again to its lowest level in years.

The price of a barrel of Brent crude, the benchmark for oil from Europe, Africa and the Middle East, was down nearly 3 percent to 57.75 dollars. US oil was 2.8 percent cheaper and cost 53.15 dollars per barrel. In both cases, the price is now at its lowest level since May 2009.

Oil prices halved in the last six months. Due to the increasing production of oil from US oil fields, the supply has been growing rapidly, while demand rises less strongly than before.

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