The price of a barrel of Brent crude dipped below $64 to a fresh five-year low this week as members of the world’s largest crude oil producer cartel in the world forecast lower demand next year.
The Organization of Petroleum Exporting Countries cut its supply forecast to its lowest in over a decade, as U.S shale supplies surge and global demand remains sluggish.
Bearish analysts have consistently cut price forecasts, with Bank of America predicting a slump to $50 per barrel in coming months as market forces shake out the weakest producers.
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