| Oil prices slumped to multiyear lows on Tuesday after Saudi Arabia cut the price of oil sold to the U.S., a move that is shaking an already volatile market but is likely to give the world economy an unexpected stimulus. The 25 percent or so slide in oil prices since the summer could boost consumer spending and business investment in economies around the world as fuel bills fall.
But not everyone’s a winner. Oil-producing countries such as Russia and Venezuela, which have high extraction costs and whose budgets rely on assumptions of relatively high energy prices, stand to lose out. And lower prices could eventually slow booming production in the United States, offsetting the benefit of lower energy costs for consumers and businesses...............................................Full Article: Source
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