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Oil prices fall to six-year low

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By Everton Gayle
Oil prices fall to six-year low

<p>Oil prices fell to their lowest level for almost six years on Wednesday amid fears over the global economy.</p> <p>Brent Crude fell to $49.92, below the symbolic $50 a barrel for the first time since 2009. So far this week it has fallen more than 11 percent. US crude has slipped to $47.02.</p> <p>With the prospect of deflation in the Eurozone, a slowdown in China and a growing supply glut, analysts say more falls are likely. </p> <p>Nobuyuki Nakahara, a former oil executive and ex-member of the Bank of Japan’s policy board, told Reuters he expected further price falls.</p> <p>“Oil prices are likely to keep falling due to slower Chinese growth and because the years of prices above $100 before the recent plunge were ‘abnormal’ historically,” he said.</p> <p>“I would not be surprised if the price falls to as low as around $20… It is purely due to supply and demand. There is a ceiling for oil because high energy prices dampen economic growth,” he added.</p>