Crude facts: why the plunging price of oil is not all good news

With oil prices predicted to keep falling, the implications for consumers and the British economy are profound

The price of oil fell for the second day in a row on Friday, wiping billions off the values of oil companies and putting huge investments at risk after Thursday’s decision by Opec to maintain the cartel’s existing production levels.

The cost of the benchmark Brent blend slumped below $72 a barrel before rallying slightly but some industry experts – including the chief executive of Rosneft, Russia’s largest oil producer – have predicted that crude values will keep on going down, possibly as low as .

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