Oil Extends Losses Hits 6 Year Low

The price of Brent crude oil has fallen, further taking it to a new six-year low.

The price of a barrel of the North Sea benchmark dropped by 5% to $47.77, its lowest level since April 2009.

US crude oil was also at its lowest level since that time, down by 4.4% to $46.20 a barrel.

The cost of petrol in the UK is being cut in response to the fall, with Asda cutting its forecourt price by a further 2p a litre to 103.7p.

Diesel will be 110.7p. Both prices are well above the 99p that one Birmingham fuel station is selling petrol for.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza