The price of Brent North Sea crude oil plunged below $40 a barrel for the first time in three months in London this evening. The price slumped by more than $2 to $39.50 because of fading supply fears at the start of the northern hemisphere winter.
Brent has now plunged by about $6 in just two days.
New York crude meanwhile plummeted more than $2 a barrel as fears of a supply crisis evaporated. Benchmark light sweet crude for delivery in January tumbled $2.99 to $42.50 a barrel, having already plunged more than $3 on Wednesday following increases to US weekly crude oil stockpiles.
