Oil falls below $65bl

Brent crude oil has fallen below $65 – a five-year low- and is expected to keep falling to way below $60 a barrel. Opec has predicted that demand for its crude oil will fall to 28.9m barrels per day next year, even though its production target is 30m barrels per day, resulting in a surplus of supply. Moreover, US crude stockpiles increased by 1.5m barrels last week when analysts had been predicting a decline of 2.2m barrels. Oil prices fell sharply following the Opec report. The price of Brent crude has fallen 43% in just the past five months. The