By Daniel Hunter

Oil prices are likely to fall even further well into 2015, according to the International Energy Agency.

Prices yesterday (Thursday) fell below $80 per barrel for the first time in four year. And the IEA said that the recent boom in shale gas in the US could force prices even lower.

"It is increasingly clear that we have begun a new chapter in the history of the oil markets," the IEA said.

"Barring any new supply problems, downward price pressures could build further in the first half of 2015."

According to Reuters, the price of Brent crude oil has been falling for eight consecutive weeks - the longest period of decline since 1988.

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