Debt could drive oil price down

WEST Texas Intermediate plunged again this week to further below the $US30/barrel on news that record high US crude stockpiles are expected to grow even further, and if that weren't enough to inflict more pain on oil producers, high debt could cause them to crash even harder.

The oil price, which is now down 70% since mid-2014, has been driven lower due to the supply gut, but Bank for International Settlements general manager Jaime Caruana told a lecture at the London