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Oil prices continued to fall during Asia trading on Wednesday following a tumble overnight following the IEA’s prediction on Tuesday that growth in US oil output until 2025 will be the strongest seen by any country in the history of crude markets, making it the “undisputed” leader among global producers.
Global benchmark Brent crude was down 1.2 per cent at $61.47 a barrel on Wednesday after closing the previous session 1.5 per cent lower, while US marker Brent crude was off 1.1 per cent at $55.11, compounding a 1.9 per cent fall from Tuesday.
The lower oil price hit energy stocks in Australia. The S&P/ASX Energy index was down 2 per cent on Wednesday with Beach Energy down 4.3 per cent and oil sector services company WorleyParsons down 3.3 per cent.