Latest oil news: Oil price continues to fall/OPEC news

Reports are claiming that crude oil price are falling to almost 60 percent over the last six months with both of the world’s crude oil benchmarks now trading below $50 a barrel as supplies of high quality, light oil from the United States and Canada have overwhelmed demand at a time of lackluster global economic growth.

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An oil tanker passes underneath the Golden Gate Bridge during a rainfall in San Francisco, California, February 26, 2014. REUTERS/Beck Diefenbach
Collapse in oil price is starting to slow growth in U.S oil output, as OPEC has claimed, although the slowdown will not prevent an increasing global surplus in 2015 and demand for the exporter group’s oil falling to its lowest in a decade.
In a monthly report, OPEC forecast demand for the group’s oil will drop to 28.78 million barrels per day (bpd) in 2015, down 140,000 bpd from its prior estimate and well over 1 million