Despite falling crude prices, last Friday’s Organisation of the Petroleum Exporting Countries (Opec) meeting appeared unlikely to cut oil output levels, according to international press reports.
This would exacerbate global oversupply.
The news saw Brent crude, the global benchmark for oil prices, falling sharply and trading at close to US$43 a barrel.
Meantime, West Texas Intermediate - the benchmark for domestic US oil – fell below US$40 a barrel in early Friday morning trading, hitting a five-year low of US$39.78.
