Glut concerns pushing down oil prices to Great Recession lows
London
OIL prices are flirting with Great Recession lows following last week's fractious Opec meeting.
Brent oil prices have plunged 5 per cent from US$45.1 early last Friday to US$42.9 a barrel while US West Texas Intermediate hovered around US$38.7 - a six-year low, on the belief that a glut of oil would cause prices to sink. These levels compare with Brent oil prices in December 2008 when they briefly tumbled below US$40 and then traded between US$41 and US$45 in the following days.
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