By Jonathan Davies

Oil prices took another tumble on Friday, edging closer to the $60 a barrel mark.

The price of Brent crude oil dipped to $63 a barrel. It means that the price of oil has now almost fallen by 50% this year. Earlier in the year, prices were fairly steady at $115 a barrel.

And there was further bad news as the International Energy Agency cut its outlook for demand for oil in 2015 and said that supply, particularly in North America, is expected to increase.

That is the core of the problem for oil prices - supply and demand. In 2014, supply has raced far ahead of demand, which has driven prices down.

Join us on
Follow @freshbusiness