Brent crude oil price drops to two-year low

Caitlin Morrison
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BRENT crude oil fell to a two-year low yesterday, dropping 1.2 per cent to $92.93 a barrel, with analysts blaming a lack of demand for the decline.

Daniel Sugarman, market strategist at ETX Capital, said any turnaround in the market would depend on the political situation in the Middle East.

He told City A.M.: “Islamists are advancing on Baghdad and if they start to threaten southern Iraq then I can see oil prices soaring.”