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The price of oil is still nosediving.

After hitting 11-year lows on Wednesday, prices of both UK Brent and US crude tanked to 14-year lows on Thursday.

Brent was down 4.15% at $32.89 (£22.49) at 7 a.m. GMT (2 a.m. ET), and US crude was down 3.84% at $32.66 (£22.33). Both reached levels not seen since 2002, when the oil price was recovering from the September 11, 2001, terrorist attacks.

Since then the price has recovered slightly, however, and, at 1:02 p.m. GMT (10:02 a.m. ET) Brent is down 3.18% at $33.14 (£22.76) and US crude is down 3.02% at $32.95 (£22.63). read more >>>

Source : BusinessInsider.Com