Brent oil price slides back from two-year highs

The price of oil has fallen back to around $58.59 a barrel after hitting a two-year high on 26 September, 2017, according to the BBC.

Rising demand and geopolitical worries had fuelled the increase, along with indications that production cuts by Opec (Organisation of the Petroleum Exporting Countries) members are starting to bite.

Brent rose about 4% to just short of $60 (€51), its highest since July 2015, point, before dropping back to $58.59.

US West Texas crude went above $52 a barrel before falling back to $51.87.

The oil market has been in a downturn for almost three years. But the head of BP's oil trading division in Asia, Janet Kong, told a Financial Times conference the market was now "at a juncture".

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