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Brent crude hits $59.26 a barrel following price plunge of 30% amid concerns of oversupply
The oil price has slumped to its lowest point this year, as concerns mount about a glut of crude supply and fears that economic headwinds could lessen demand.
Brent crude fell as low as $59.26 a barrel on Friday, a level last seen in October 2017. Three supermarkets said on Friday they would cut petrol prices, as Asda cut its national price cap by 1p per litre for petrol and 2p per litre for diesel, with Morrisons and Sainsbury’s following suit.
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