Brent down to $55.5 a barrel

Brent price dropped to its lowest since May 2009.

Oil prices continue to fall on the global market. As of 8:15 Minsk time, Brent cost about $55.5 a barrel, the Ukrainian Service of RFE/RL reports. The price almost hit a six-year low of $55.36.

It is the lowest price since May 2009.

Analysts explain it with a significant surplus of global supplies amid weak demand.

Brent fell 1.78% to $56.31 a barrel in London at 21:05 Minsk time on January 3.

WTI crude slid 1.09% to $52.69 a barrel in New York.

Brent crude fell below $57 a barrel on London's ICE Futures exchange on December 31.

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