The oil price has fallen by more than a fifth since it hit a year-high of $69.63 a barrel in May
Jul 8, 2015
Oil re-entered a bear market yesterday as the price for Brent Crude, the international benchmark, recorded its largest one-day loss since February.
On Monday, the oil price fell by six per cent and it has continued to dwindle, reaching $55.40 a barrel at around 8am BST today. The price of Brent has now fallen by more than a fifth since it hit a year-high of $69.63 a barrel in May. Bear markets are commonly defined as occurring when prices fall 20 per cent from their peak.
So what is causing the slide?