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The global oil glut Worldwide supplies are growing at "breakneck speed", which will persist well into next year, according to a new report from the International Energy Agency. The drop in prices is pushing up demand at the fastest pace in five years. (FT)

Oil is close to breaking through its March 2009 low. Anything below $42.33 would be a new bottom

Crude oil price drops on Opec supply figures: Crude oil production by members of the Organisation of Petroleum Exporting Countries (Opec) reached its highest level in three years in July, despite Saudi Arabia indicating it had pulled back, figures showed.

Low oil price takes toll on hotels in Aberdeen: The low oil price is taking its toll on Aberdeen’s hotel market with double-digit drops in both occupancy and revenue, latest figures show.

Wood Group enlisted to help Mexican giant develop oil fields: Wood Group has won a contract worth up to $28 million (£18 million) to complete engineering work on new oil fields off Mexico following the country’s move to open up its oil and gas market to international firms.

Mortgage lending rebounds in June thanks to first-time buyers: Mortgage lending rebounded in June after first-time buyers returned to the property market, according to an industry report.

Bank of England to examine whether financial reforms have held back growth: Mark Carney has told the government that the Bank of England is to examine whether policies intended to strengthen financial stability in the economy have held back economic growth

Homeowners in frantic race to remortgage before rates go up: Remortgaging soared in June as homeowners and landlords raced to lock in low interest rates before the Bank of England increases the cost of borrowing

Oil hit as China devalues: The price of oil continued to slide after China, the world’s biggest importer, devalued its currency and new OPEC figures pointed to a widening global supply glut.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.89% or $0.44 lower at $48.74 per barrel. Yesterday, the contract declined 2.44% or $1.23, to settle at $49.18 per barrel, after the OPEC monthly oil report revealed that the cartel’s output rose to a three year high in July. Meanwhile, the EIA reduced its forecast for oil prices by about 10.0%.

TPG’s real estate arm snaps up European developer TriGranit: TPG Real Estate is bolstering its presence in central Europe after agreeing to buy Hungary-based property developer TriGranit.

Nostrum in talks over $36 million deal to buy Tethys: Nostrum Oil and Gas was back in talks to purchase the beleaguered Tethys Petroleum after a $47.7 million (£31 million) refinancing deal between Tethys and AGR Energy fell through.

Fresh warning on outlook for oil price: The Chief investment officer of Edinburgh-based Kames Capital has added his voice to warnings the oil price will remain under pressure for months and sees little prospect of a return to $100 per barrel crude.

Soaring cost of moving up the property ladder: Home movers paid more than £50,000 extra on average in 2015 to take their next step on the property ladder than they would have done five years ago, a report has found.

Legal & General helps Leeds: Legal & General has launched a £162 million investment in a regeneration project in Leeds to “help bring the Northern Powerhouse to life

Independent Oil & Gas shares nosedive after its ‘billion-dollar backer’ pulls out of major investment: Independent Oil & Gas shares were sent into free-fall after the explorer revealed it lost its number one backer thanks to the declining price of oil.

Gazprom’s China contract offers no protection against low prices: Gazprom’s 30-year contract for gas supplies to China was based on an optimistic view of the oil market and offered no protection in the event of a prolonged period of low prices, the Russian company said on Monday

Noble accounts cleared but jobs to be cut: Noble Group, the commodity dealer attacked over its accounting practices, is to cut 16% of its staff and seek asset sales or new financing deals as it continues to face difficult trading conditions.

Berkeley Founder Tony Pidgley gets £23 million payday – with more to come: Tony Pidgley, the Founder of the housebuilder Berkeley, added fuel to concerns over soaring corporate pay yesterday after landing a huge £23.3 million payday for last year – with the potential for another £26 million bonanza for this year.

Market cries out for more houses to sell: The number of homeowners putting their properties on the market fell dramatically in July, threatening to push up house prices still further.