Global oil price hits 11-year low

Oil prices have fallen to levels not seen since 2004, surpassing the lows seen during the recession of 2008.
The BBC reports that Brent crude sank to $36.05 a barrel – its weakest since July 2004 – before recovering slightly to $36.47.
A global oversupply has dramatically driven down the price of oil, with suppliers failing to reach agreements to address the glut.
A year earlier, the price of Brent stood at about $60 a barrel. In June 2014, it stood at $115.
The price of US crude was also down on Monday, dropping 31 cents to $34.42 a barrel – the lowest since 2009.
Analysts and oil bosses have said there is little sign that the downward trend will change, with more US and Russian oil reaching the markets.
Many consumers have enjoyed the falling price of fuel in the form of lower petrol prices; several UK supermarkets have begun selling petrol at below £1 per litre – which they last did in 2009.
The PF government has however continued subjecting Zambians to high fuel prices despite the reductions on the global market that have trickled down to consumers in many countries.

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