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Oil price: return to $45 barrel now ‘inevitable’

A “re-test” of the $45-a-barrel low for the benchmark Brent crude oil price is “inevitable” in the near future as supply prices continue to squeeze the market, an analyst arm of Fitch Ratings has said.

The comments from BMI Research, quoted by Reuters, came in the wake of major falls on Monday that saw the price dip below $50 for the first time in six months. A price of $45 would be symbolically significant in the UK as it is the level at which petrol prices below £1 a litre become a distinct possibility.

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