Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Oil Keeps Falling

Stefano PozzebonDec 10, 2014, 15:01 IST

Brent Crude fell to $65.95 at 9 a.m. GMT Wednesday, after holding above $66 a barrel earlier this morning.

Investing.com

Crude oil was trading below $63 at 9 a.m. GMT, losing 1.61%.

Investing.com

Reuters this morning reported that the falling oil prices have started to affect US domestic production, with the US Energy Information Administration (EIA) cutting its forecasted growth by 100,000 barrels per day, a move linked to a generally weaker oil demand.

Larger US production, mainly from shale basins, is one of the main drivers behind crashing oil prices.

That's why the chart below, representing the US shale oil boom over the last three years, has been called Business Insider's "chart of the year."

Deutsche Bank