Brent crude oil dropped below $45 a barrel for the first time this year on Wednesday, slipping further into a bear market as traders lose faith in Opec’s ability to balance supplies.
Oil prices have now dropped by more than 20 per cent since the start of this year with Brent on course to post its worst first half since 1997 and energy stocks getting hit.
The sell-off has accelerated since late May when Opec extended a deal with Russia and other producers to cut supplies by 1.8m barrels a day.
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