Low oil prices will do little to stimulate global growth, Moody's says

Ratings agency says benefits of reduced energy costs will be offset by weakness in the eurozone and elsewhere

Lower oil prices will do little to spur global growth in the next two years as the world economy is buffeted by events in the eurozone, China and Russia, a credit-rating agency has warned.

The claim came as oil prices continued to fall on Wednesday to below $55 after a brief but significant rally last week and as a top industry analyst predicted the value of crude would fall a lot more before it any sustained improvement.