Oil rig extracting petroleum in Taft, California
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Why are global oil prices falling?

The US oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009, before finishing the day at $50.05.

The price of Brent crude also fell on Monday, dipping 6% to $53 a barrel.

Both Brent crude and US oil, known as West Texas Intermediate crude, have now lost more than half of their value since mid-2014.

Bill Hayton reports.

  • 06 Jan 2015
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