Price fall to push oil industry into 'sharp recession', says expert

The free fall in oil prices continued yesterday as global business growth slowed to its weakest in a year, and analysts said a growing supply glut meant more falls were likely.

Benchmark Brent oil sank under $50 for the first time since 2009, hit by Organisation of the Petroleum Exporting Countries (OPEC)'s stance on maintaining its current production levels, market oversupply, weak demand and the strong dollar, analysts said.