Markets will only pick up once major manufacturing economies, particularly in Asia, feel the benefit of cheaper energy.
Markets will only pick up once major manufacturing economies, particularly in Asia, feel the benefit of cheaper energy.
Experts say lower oil prices would ease inflationary pressures throughout much of Asia.
Investment will continue to rise in Africa and the Middle East as producers in those areas seek to boost long-term output in the flooded global oil market.
Brent crude fell close to $51 a barrel, its lowest since 2009, with cuts to Saudi Arabia’s official selling prices to Europe this week.
Energy sector earnings are seen down 19.6 per cent in the fourth quarter, according to Thomson Reuters data.
The addition of supplies as demand cools is likely to trigger more aggressive discounting by producers trying to defend market share in Asia.
Obama administration clears the way for millions of barrels of crude to the global market
Opec hopes economic recovery will spur fresh demand; remote prospects for output cut
UAE minister says irresponsible production by some producers from outside the Opec is main cause for plunge in oil prices.
Brent crude fell as low as $58.50, its weakest since May 2009. As of 1221GMT it was down $2.12 at $58.94 while US crude was down $1.73 at $54.18 per barrel.