By Jonathan Davies

The price of Brent crude oil has dropped below $59 per barrel for the first time since May 2009.

Brent crude dropped by more a $1 to as low as $58.94. Oil prices have now fallen by 50% this year.

The latest fall comes after Opec stressed that oil production would not be cut in an attempt to boost prices.

The huge drop in prices have been attributed to over supply around the world, with demand consistently falling.

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