Oil price falls below US$63 to 5-year low

London

OIL's rout extended on Friday, with Brent crude slipping towards US$62 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and weak demand outlook.

Brent is down more than 9 per cent this week, some 45 per cent below its June peak above US$115 per barrel.

Oil prices will likely come under further downward pressure, the International Energy Agency said as it cut its outlook for demand growth in 2015 and predicted that healthy non-Opec output gains were poised to increase global supp…