Oil price falls below US$45

The price of oil has fallen to a near 6-year low yesterday, decreasing 2.5 percent overnight.

Price per barrel has dipped below 45 U.S. dollars. The cost of oil continues to come down, despite new data suggesting countries like China have been moving to replenish their strategic reserves amid the cut-rate prices.

China added 30 million tons to its reserves this past month, a month-on-month increase of some 20-percent.

The downturn in the price of oil has prompted a new statement from the United Arab Emirate's oil minister, saying OPEC doesn't anticipate the price of oil to rebound in the near-future.

The minister says OPEC will digest the figures through the first half of this year before considering any reaction in the second half.

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