OIL PRICE SLUMPS
Oil prices fell on 20 June to $45.84 a barrel, its lowest level since November 2016, as the market focused on growing supplies despite a supply cut agreement by a number of the world’s biggest producers. A May decision to extend the deal reached late last year by the Organisation of the Petroleum Exporting Countries (Opec) and other producer countries has failed to support prices, ft.com reported. “Rising US crude production, despite the fall in prices, has not helped sentiment. Data on Friday [16 June] showed a rise in the number of rigs drilling for oil – the 22nd consecutive weekly increase,” it stated.