Oil prices continue their downward spiral as global demand slows. Big markets such as the U.S and China have seen their demand for oil fall influencing the price of crude oil.
US light, sweet crude for February delivery slipped 23 cents to $39.68 a barrel in Singapore, after falling 6 per cent on Monday according to the BBC.
Meanwhile Brent crude oil fell 10 cents to $41.35, a fraction of the summer high of around $147 a barrel.
The reduction in oil production announced recently by the Organization of Petroleum Exporting Countries (OPEC) specifically designed to boost the price of oil seems to have had little affect. The oil producers’ alliance announced a cut 2.2 million barrels per day last week to strengthen the market.
