Oil price falls to five-year lows, below … – RTVE

Oil price falls to five-year lows, below … – RTVE

RTVE.es/AGENCIAS

The price of a barrel of Brent crude , a benchmark for Europe, has resumed its fall at the first meeting of December to below the barrier of $ 70 and mark their lowest since 2009 levels.

The main reason for the drop in oil prices is the oversupply of crude in the market due to concerns about the global economic recovery .

Nevertheless, the Organization of Petroleum Exporting Countries ( OPEC ) decided last week not to lower their joint production, even though several members had pressured to approve a cut to help stop the fall in prices.

In particular, the price of a barrel of Brent has come to drop to $ 67.82 from 70.15 the start of the day, its lowest price since September 2009, according to data collected by Europa Press.

So far this year, the price of a barrel of Brent accumulates a fall of 38%.

The Brent crude for January delivery traded at $ 69.82 in the International Futures Exchange (ICE) in London at 14:35 hours. So far this year, Brent accumulates a fall of 38%.

Meanwhile, the price of Texas oil barrel , reference US down up to $ 64.47, compared to $ 66 starting the day.

The fall of Brent has affected more day to the London Stock Exchange, where oil companies lost ground while being benefiting the airlines.

So, the British giant BP was down 1.61%, while its rival, Royal Dutch Shell, down 1.03%. Tullow Oil topped the losers chart with a slump of 6.9%.

In contrast, airlines gained ground, benefiting from the depreciation of fuel. International Consolidated Airlines (IAG), which brings together British Airways, Iberia and Vueling, was up 2.03%, and the airline of low cost easyJet rose 0.91%, according to data compiled by Efe.