Fears crude slide will continue

Energy analysts fear the oil price could continue to fall this year, unless global economic conditions start to turn around.

Ongoing uncertainty in the eurozone and slowing economies in India and China have dented demand for oil, leading to the cost of a barrel of Brent crude falling to 18-month lows.

The price has also been driven down by high supply from countries in the Opec export cartel, which is responsible for about one-third of global production.

Opec member and world’s biggest producer Saudi Arabia has boosted output to a 30-year high this year to help to tackle the worldwide economic slowdown, but it could be poised to reduce supply to the market.

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