Oil price fell below USD 60 per barrel

Today, oil price fell below USD 60 per barrel for the first time since July 2009, when a barrel at the end of trading at New York’s stock totaled USD 59,95 USD.

Price of referential American oil fell for 99 cents or 1,6%, Beta reports.

For almost six months, the oil price has been constantly decreasing and is lower for 44% than the highest amount this year which was in Late June when a barrel cost USD 107,26.

Oil price fall is a consequence of increase in global oil production, especially in USA when the world demand fell due to slowdown of economic growth in Asia and Europe.

Oil price decline influenced a fall in gas , diesel and other fuels price which decreased expenses of drivers, shipping companies and airlines. However, on the other hand, it influenced the loss in energy companies’ share values.