Oil Prices Hit A New Five-Year Low

11 Dec , 2014

The price of oil has fallen to new five-year lows following two separate reports indicating a global supply surplus.

Opec oil producers predicted less global oil demand next year and a separate US report, also pushed prices lower, as it showed a surprise increase in the country's crude oil supplies. Influential commentators also believe that the price could fall still further.

The price of Brent crude has fallen 43% since mid-June. It fell another 3.61% to close at $64.41 on Wednesday.

The increase in supply has led to declining prices for petrol, jet fuel, and heating oil.

The Energy Department says that if its projections hold, the price of petrol in the US will fall by 23% to $2.60 per gallon next year, saving the average US household approximately $550 a year.

The reduction in oil prices has damaged the share price of several large energy firms, but has also helped companies like airlines where cheaper oil prices help to increase profits. Should the prices stay low, consumers will find that they are able to get cheaper flights and cargo rates.

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