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Oil prices hit five year low

Oil prices have slipped further today to a new five year low.

In the late morning trading in London, the price fell to $59.23 a barrel and is now sitting at $57.68.

The Energy Agency has now lowered its forecast for global oil demand in the New Year.

They say that demand will grow by 900,000 barrels a day, which is 230,000 less than they were previously forecasting.

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