Oil price falls below $27/bbl

For the first time since 2003, the  price of Brent crude, the world’s benchmark oil yesterday sold below $28 a barrel, America’s crude grade – West Texas Intermediate (WTI) $26.62 and OPEC basket grade $23.85 a barrel on Tuesday.

Despite over 25% slump in oil price so far this year with the attendant pains and fears, oil drillers & producing nations have continued to pump more oil into the market