Ricochet News

Oil below $50 again

Oil below $50 again

After failing to its lowest level since March 2009 last Wednesday, the price of Brent Crude oil tumbled to six year all-time low on Monday, with the continuing slowdown in the Chinese economy and the exploration of shale gas and oil in the US seen as the main reasons.

Having fallen to $49.90 before creeping back up to over $51 last week, delivery for February fell to $48.73 a barrel in early morning trading, while the price for West Texas Intermediate lost 81c to settle at $47.55. A short while ago (16h40), Brent Crude was trading at $48.48 a barrel with economists predicting the price to fall as low as $35.


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