Oil price falls to below $40, lowest level since early-2009

Oil prices have tumbled below the $40/barrel mark with US crude falling below $37 per barrel for the first time since early 2009.

This follows a decision by the Organization of Petroleum Exporting Countries (Opec) late last week to keep producing optimally in an already saturated market.

The Money Show’s Bruce Whitfield interviewed Dr Azar Jammine, Chief Economist at Econometrix.

Scroll down for quotes from the audio below.

The demand for oil has been falling in recent years, mainly because of slowing growth in China.

Dr Azar Jammine, Chief Economist at Econometrix

Saudi Arabia in particular are trying to knock out American and Russian oil producers by driving prices lower.

Dr Azar Jammine, Chief Economist at Econometrix

Sanctions against Iran has been lifted.

Dr Azar Jammine, Chief Economist at Econometrix

The low oil price and the US dollar’s strength are related.

Dr Azar Jammine, Chief Economist at Econometrix

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