Global oil prices are struggling to move higher after sliding below $50 a barrel for the first time in more than a year. The benchmark Brent crude price slid to $49.93 on Christmas Eve after collapsing by more than 6pc under the weight of growing fears of a US shale resurgence. Oil edged back to around $50.50 yesterday but was still about 40pc lower than in October, when prices rose ahead of fresh US sanctions against Iran. The latest slump comes after the world’s largest oil producers agreed to keep a rein on crude exports to help shore up prices.
Telegraph 26th Dec 2018 read more »