Oil below US$59 as producers keep pumping

London

BRENT crude oil fell below US$59 a barrel on Wednesday, near 5 1/2-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.

Core Gulf Opec (Organization of the Petroleum Exporting Countries) members have said that they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step in to stem crude price losses.