Oil falls below $45 amid speculation on stockpiles

Source: Bloomberg
© Scanpix/Reuters
Oil continued to fall, breaching the $45 per barrel level, due to speculation that US stockpiles will rise, aggravating global supply glut, which drove prices to the lowest point in more than five and a half years. Oil futures declined 4%, declining for three consecutive days, as OPEC continues to expand output. During 2014 oil slid approximately 50%, the highest slump since the global financial crisis in 2008, whereas it was stated that oil prices need to decline to $40 in order to rebalance the market. 
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