12th December 2014
Oil prices in the US have fallen below the $60 dollar level for the first time in five-and-a-half years as a result of soaring output and a slump in demand.
US crude has fallen 99 cents, or 1.6 per cent, and now stands at $59.95 per barrel - its lowest close since July 14, 2009.
In forex trading, the dollar rose against the yen on the back of strong US retail sales data. The greenback climbed to 119.555 yen on Thursday, recovering from a two-week low of 117.445.
The better-than-expected 0.7 per cent rise in retail sales highlighted the difference between the positive outlook for the US economy and the conditions in many other parts of the developed world.
Meanwhile, sterling rose 0.09 per cent against the US dollar and closed at 1.5732. An OECD report published on Thursday contained an upbeat outlook for the UK economy in 2015 and 2016, due to an improvement in the nation's consumer spending and business investments.
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