外文标题：Oil prices hit near 6-year low despite record China crude imports
LONDON: Brent and U.S. WTI crude oil prices fell to their lowest levels in almost six years on Tuesday as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly U.S. shale oil, and weaker-than-expected demand in Europe and Asia.
Rather than cutting output to try to balance the market, producers from the Organization of the Petroleum Exporting Countries (OPEC) are offering discounts to customers in an attempt to defend market share.
The downward pressure on oil prices is so large that even record Chinese crude imports for December, above seven million barrels per day for the first time as the world's second largest oil consumer took advantage of low prices to build up its strategic reserves, could not lift the market for long.
Balachandran Nair (Trivandrum)
It will help the economy of the country to get stabilized
Mahima Mathur (lucknow)
Good for Indian economy ..
Drone Drone (TN)
With more than 55% price drop in OIL prices, domestic prices have fallen just about 25%. I do not know where the rest has gone.
Exports going down as the world economies slowing down. and the benefit of low oil price will do only a little good to India.
aryan s (bangalore)
Good for Indian economy ..may be bad for some countries...
Venkataramanaiah Ramu (bengaluru)
Probably, China might be trying to take maximum advantage arising out of the falling oil prices and similarly, India also would be doing to build maximum buffer stocks at the minimum prices which has come as an unexpected gift for the oil consuming countries
World will face deflation for the next 3 years.
Rakesh Sharma (New Delhi)
As oil price have fallen in the recent past government should reduce the price of petrol and diesel immediately.
p abhyank (Mumbai)
Hope that India benefits from this and the government passes on the benefit of lower oil prices to consumers.