Oil prices likely to fall further, says IEA

(BBC.com) - Oil prices are likely to continue falling well into 2015, the International Energy Agency has said.

The IEA, a consultancy to 29 countries, said weak demand and the US shale gas boom meant crude's recent fall below $80 a barrel was not over.

On Friday, Brent crude, one of the major price benchmarks, traded at $78.13 a barrel, near a four-year low.

"It is increasingly clear that we have begun a new chapter in the history of the oil markets," the IEA said.

"Barring any new supply problems, downward price pressures could build further in the first half of 2015." Full Story