Oil price falls below $33 a barrel

The price of oil has today fallen below $33 a barrel - another blow for the North Sea.

It's being blamed on the slowdown of the Chinese economy.

According to reports, many traders are placing big bets on the price falling even further, suggesting the prospect of a bounceback in 2016 is increasingly unlikely.

It could lead to more significant job losses in the North Sea.

Before the recent fall, the price of Brent Crude sat at $110 a barrel in the summer of 2014.