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IPFS News Link • Business/ Commerce
Oil price could hit $20 as Opec ditches quotas
• thetimes.co.ukGlobal oil prices could fall as low as $20 per barrel next year, as Opec's decision to abandon a formal production quota exacerbates a bulging supply glut.
Speaking as the price of a barrel of Brent crude, the benchmark international contract, slipped 5.2 per cent to $40.75 in New York, the lowest since February 2009, Ole Hansen, head of commodity strategy at Saxo Bank, said it was "difficult to rule out anything".