Oil keeps sliding; Brent falls under $48

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The oil price’s slide accelerated on Friday morning, taking Brent crude to its lowest level since November as confidence fades in Opec’s ability to overpower a resurgent US shale industry and ease a global surplus.

The international oil benchmark dropped by a further 2.1 per cent early on Friday to $47.41, adding to its 4.8 per cent fall on Thursday. West Texas Intermediate, the US marker, weakened another 2.4 per cent to $44.45, leaving it down more than 6 per cent in the last two days.

Both benchmarks have almost erased all of the gains made since some of the world’s biggest producers agreed to curb supplies in an effort to end the worst oil crash in a generation.

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