‘Dramatic’ oil slide given ‘lack of catalysts’ says analyst

There has been a “dramatic” oil price slide, given “a lack of catalysts”, according to a leading analyst.

The price of Brent crude has dropped from $75 at the start of the month to $59, with a large drop in the last week.

Jack Allardyce from Cantor Fitzgerald said the price slide seems to show a recently-decided 1.4 million barrel daily output cut is not enough to offset the decline in demand growth projections.

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