Global markets sell-off as the world drowns in oil

An upgrade to US oil production and Opec holding firm on output sends the oil price and global markets tumbling

Global financial markets have taken fright at yet more signs that the hammered oil price will not make a swift recovery.

The markets reacted to the US revising its crude oil production upwards for 2015 and signs that the Organization of Petroleum Exporting Countries will maintain production at current levels.