Oil prices slump to their lowest in 6 years

(IraqiNews.com) On Tuesday, crude oil prices have hit their lowest since March 2009, reaching $45.25 a barrel due to the glut of oil supply in the markets, according to official figures.

Oil prices have slumped to $45.25 a barrel, hitting their lowest in almost six years, following a decision by OPEC not to cut output to push up prices and tackle the glut of supply in the world’s markets.

Analysts believe that the glut of oil supply, low global demand for oil, and the slow growth rate of Asian and European economies are considered as the main factors behind the fall in global oil prices.

 

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