07.11.2014 - A price battle in the oil market
Brent crude, the benchmark oil future, slumped to a four-year low around $80 a barrel this week; US futures fell to a three-year trough of $77. This was due to Saudi Arabia, the key producer in the oil-exporting cartel Opec, reducing the price it charges US customers. It also raised prices slightly for Europe and Asia. Brent has now fallen by almost 30% since June. Conflict in the Middle East did not, as initially feared, disrupt Iraqi exports. Libyan production has recovered, US shale output has soared, and demand has slowed amid sluggish growth in Europe and Asia...............................................Full Article: Source
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