By Jonathan Davies

Brent crude oil took another today on Monday, falling to a six-year low.

Prices fell by 2.6% to $48.74, its lowest point since April 2009. US oil also hit a six-year low, falling 2.3% to $47.25.

There are two key reasons behind the latest fall. US investment bank Goldman Sachs dropped its forecast for the average price of Brent crude oil in 2015. The bank had been predicting an average price of $83.75, but it has now forecast $50.40 a barrel.

There were also two major disruptions at US oil refineries over the weekend which affected production.


On Sunday, one petrol station in Birmingham was selling petrol for 99.7p. And Asda announced further cuts to fuel prices.

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