he price of oil has fallen to fresh five-year lows in the wake of two separate reports indicating a global supply glut.
Opec oil producers released a forecast indicating less global oil demand next year.
A separate US report, which showed a surprise increase in the country’s crude oil supplies, also pushed prices lower.
The price of Brent crude has fallen 43% since mid-June.
It fell another 3.61% to close at $64.41 on Wednesday.
The influential oil commentator Jorge Montepeque at price assessor Platts said the price could fall further.
“There are a certain amount of people that think the mid-to-long term [price] is the mid-60’s,” he told the BBC.
“That means prices could fall further before they reach their balance. I think we could see some spikes or troughs that are a little bit deeper. But over time we could end up around $50 or $60 [a barrel].”
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