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Oil falls below $70; what it means to Ghana

This is the first time the price is falling below the $70 mark since April.

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Oil prices have tumbled after the International Energy Agency cut its forecast for demand play

Oil prices have tumbled after the International Energy Agency cut its forecast for demand

(Getty Images North America/AFP)

Brent crude has fallen under the $70 mark.

This is the first time the price is falling below the $70 mark since April.

According to the BBC, US oil is at $60.42. This has fallen by more than a fifth since early October, officially putting it in “bear-market” territory.

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Stephen Brennock at London brokerage PVM Oil told the BBC that “there is no slowing down the bear train.”

“Instead, the energy complex has extended a route driven by swelling global supplies and a softening demand outlook. There is now a sense of inevitability that the European crude benchmark is poised to revisit the $60s per barrel.”

The price fall is coming after it hit four-year highs at the beginning of October.

In Ghana, this may mean a further reduction of fuel prices by the Oil Marketing Companies (OMC’s).

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Currently, the top three OMCs in Ghana (Goil, Shell and Total Ghana) are selling both Petrol and Diesel at GHC 5.15 pesewas across the country.

The reduction follows a previous increase in prices of petrol and diesel by all 3 major OMCs to GHC 5.21 pesewas per litre in the last pricing window.

With the price fall on the international market, prices may be reduced further.

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