11 December 2015
The oil price has fallen to a new seven-year low after the International Energy Agency (IEA) forecast a slowdown in growth in demand for oil.
The price of Brent crude oil fell below $39 a barrel at one point, its lowest since December 2008.
The IEA said demand in the current quarter was growing by 1.3 million barrels a day, down from 2.2 million barrels in the previous quarter.
The IEA predicts that will slip back to 1.2 million barrels a day next year.
The price of Brent crude fell to $38.90 a barrel at one point, before recovering slightly to $39.13 – still down 60 cents in the trading session. US crude oil also fell, down 50 cents to $36.12 a barrel.