By Daniel Hunter

The price of Brent crude has fallen to a new five-and-a-half year low low of $52.27 per barrel.

It follows falls on 6% to $53 a barrel on Monday, but the latest drop takes the price to its lowest level since May 2009.

It appeared to be caused by Saudi Arabia cutting prices for Europe. At the same time, Opec raised prices for Asian customers.

US oil fell to $48.54, below the $50 mark, for the first time since April 2009.

The latest falls mean that the two, known as West Texas Intermediate crude, have now lost more than half of their value since the middle of 2014.

There are still fears that prices could be driven down even further as demand continues to fail to meet over-supply.

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