Brent crude price hits a six-year low

International fuel prices are on a new low as the price of Brent crude oil hit yesterday its lowest value in over six years by going under $45, while WTI crude oil was under $40.

Global oversupply and the recent shock in the Chinese stock market, signifying its stalled economy, have pushed international crude oil prices to their lowest levels since March 2009, when Brent was at $42.59 and WTI at $39.44.

The price of Brent crude reached as low as $42.69 yesterday, a 6.49% drop compared to Friday.

The continuous drop of crude oil value is affecting fuel prices all round, with reports of fuel in the UK going below the £1 mark and dropping US fuel rates.

Iran´s return to the world oil production market is another factor to add to the price equation, with Iran´s oil minister, Bijan Zanganeh, stating the country is willing to raise their production rate at any cost, reported IBT.