Brent plunges towards $45 mark as oil rout continues

The price of a barrel of Brent crude oil has dropped to below $46 in early trading, a fresh six-year low, as the commodity's collapse showed no sign of slowing down.

After falling 5.5% yesterday to $47.40 a barrel - following on from a 3% decline on Friday - Brent’s falls continued overnight and into this morning, sending prices down to $45.36 a barrel. Meanwhile the US measure, WTI crude, fell below $45 a barrel this morning. Both represent the lowest levels since April 2009. The latest falls, continuing a precipitous decline which began in earnest last summer when a barrel of Brent was trading at over $110, have been prompted by concerns that prices may remain around current levels for an extended period. With analysts now predicting oil will...