Brent crude close to $62 as agency issues warning of global social instability and potential for financial defaults in producers such as Venezuela and Russia
The price of oil continued its precipitous fall on Friday,hitting five-and-a-half-year lows after the International Energy Agency (IEA) predicted demand next year would be lower than expected.
Benchmark Brent crude has dropped 47% since June and fell to just over $61 a barrel as the IEA warned of the threat of global social instability and the potential for financial defaults in big producer countries such as Venezuela and Russia.
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