The global price of crude oil fell below $60 a barrel for the first time in five years with almost no signs producers are ready to tackle a glut.
Brent oil slumped 2 percent to the lowest since May 2009 in London. West Texas Intermediate, the grade traded in New York, fell below $55 for the first time in five years before rebounding. OPEC shouldn’t be expected to cut output while other producers continue to expand, the United Arab Emirates energy minister said. U.S. drillers are benefiting as costs fall almost as quickly as prices, according to Goldman Sachs Group Inc.