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The free fall in crude oil prices continued in the week of 5 December with both benchmarks hitting their recent lows. US crude oil closed at its lowest since July 2009 while Brent fell below US$70 a barrel in the week for the first time since 2010. The markets were grappling with oversupply resulting from the US shale gas boom and the recent decision by the OPEC not to cut output. US shale is highly scalable and most estimates peg the breakeven price in key regions of this unconventional supply at US$65 per barrel.
