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Brent crude dipped below $30 a barrel for the first time in nearly 12 years and the Dow Jones slumped more than 300 points on Wednesday, after new figures showed US gasoline stockpiles had increased to record highs. Industry data showed that US gasoline inventories soared by 8.4 million barrels and stocks of diesel and heating oil increased by more than 6 million barrels – confirming the forecasts of many analysts that a huge oversupply of oil could keep prices low during most of 2016. Analysts said that growing fears of a weakening outlook for the global economy, made worse by falling oil prices, were behind the steep falls. Brent crude touched $29.96 a barrel at one point, its lowest since April 2004. Some oil analysts have predicted this week that the price could fall as low as $10. http://www.theguardian.com/business/2016/jan/13/oil-and-us-share-prices-tumble-over-fears-for-global-economy http://www.wochit.com This video was produced by YT Wochit Business using http://wochit.com