Brent crude price drops below 63 dollars a barrel to go to lowest level since 2009

Brent crudeLondon, Dec 13 : The International Energy Agency (IEA) has said that the price of Brent crude dropped below 63 dollars a barrel, its lowest price since July 2009.

The IEA claims that the supply and demand would take a while to respond to sharp falls in oil prices, reported the BBC.

The price of Brent fell by 1.83 dollars to 61.85 dollars a barrel while U. S. crude was down from 2.14 dollars to 57.81 dollars a barrel, its weakest since May 2009.

The IEA also said that it was too soon to expect low oil prices to start constricting a U. S. supply boom.

Lower global oil prices in Russia combined with the effect of sanctions and a collapsing currency is expected to have an adverse effect on production, said the IEA. (ANI)