Oil Prices Just Keep On Plummeting

The relentless plunge in oil prices shows no sign of stopping. WTI crude is now trading at just $59.17 per barrel, down another 1.33% after falling below $60 yesterday.

The price is down by nearly 45% since mid-June, plunging from over $107 per barrel to below $60. 

Investing.com, Business Insider

Brent crude, the other major international benchmark, is falling too. It's down 0.88% today to just $63.12. 

The slide is just going on and on, after OPEC, the cartel of oil-trading nations, refused to agree on a cut in production. Saudi Arabia, the world's largest oil producer, still seems pretty relaxed with just letting the price slide. 

Get ready for the knock-on effects too. Europe's inflation, which was already pretty close to non-existent, has yet to reflect the absolute plunge in oil prices seen over the last month:

Pantheon Macroeconomics