Oil price still falling

Distressed world oil markets yesterday brought more anguish for divided producing countries who failed last week to take fresh…

Distressed world oil markets yesterday brought more anguish for divided producing countries who failed last week to take fresh action to relieve one of the worst gluts on record. London Brent futures traded at $10.22 a barrel, down 24 cents after touching a new 12-year low of $10.06. Average prices for the year to date, at $13.60 a barrel, are the lowest since 1976. Traders said oil markets were handing down their verdict on OPEC producers who, at a meeting last week, left output policy unchanged.