Oil prices: US benchmark WTI crude tumbles to six-year low at $41.92

 
Clara Guibourg
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IEA: The oil supply glut will last to the end of 2016 (Source: Getty)

Oil prices continue to tumble as US benchmark West Texas Intermediate (WTI) is trading at a six-year low today.

WTI crude fell 3.2 per cent over the day to trade at $41.92 a barrel.

The global benchmark Brent crude has also slipped further, trading down to $49.18 a barrel.

Oil prices have slumped 60 per cent over the year, falling sharply in recent weeks after rallying briefly in the second quarter.

Flagging economic growth in China has been pushing prices down, as well as Opec slashing prices to keep its market share up.

Oil prices could stay low for a long period, according to an International Energy Agency (IEA) report released yesterday suggesting that the oil supply glut would last to the end of 2016:

Oil’s plunge below $50 barrels a day from triple digits a year ago has seen demand react more swiftly than supply.

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