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Oil price reaches lowest levels since 2009

The sliding oil price took a big hit from China's currency unrest and reaches its lowest level in more than six years. New numbers from Standard & Poor's show that oil and gas companies are behind one fourth of all non-performing loans.

BY OLE ANDERSEN
Published:

The oil price continues to slide, to USD 45 and USD 40 for a barrel of North Sea brent oil and US West Texas Intermediate, respectively, reaching a 6.5-year low - a development mainly attributed to the slowdown in China's economy as investors fear lower demand.

Meanwhile, new figures released by Standard & Poor's show that global oil and gas companies are responsible for upwards of one fourth of all non-performing loans.

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