July 8, 2015
Oil officially re-entered bear market territory on Tuesday and prices are continuing to tumble.
Brent crude is down a further 1.4 per cent on Wednesday to $56 a barrel.
West Texas Intermediate, the US benchmark, is 1 per cent lower at $51.76 a barrel.
Oil prices have been slipping due to a variety of factors, including concerns over the health of the Chinese economy, expectations that Western powers will shortly strike a nuclear deal with Iran and the Greek debt crisis, which has caused investors to become more risk averse and has led to a strengthening in the dollar, pushing the price of commodities priced in dollars down.