Oil Prices Fall to Two-Month Low With Brent Crude Below $45 per Barrel

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Global oil prices on Monday accelerated decline amid growing fears of continued oversupply of the raw material on the market with Brent crude falling below $45 per barrel for the first time since May 11.

Khaled al Otaiby, an official of the Saudi oil company Aramco watches progress at a rig at the al-Howta oil field. - Sputnik International
Oil Prices Slump Amid Bloated Inventories Reviving Fears of a New Crash
MOSCOW (Sputnik) — By 17:30 GMT, the Brent crude prices recovered by a little margin since its lowest point earlier in the day, reaching $45.10 per barrel, while WTI prices reached $43.09 per barrel.

Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid output outages and growing demand in May, reaching a peak of over $ 50 per barrel in early June.

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