World Oil Glut

In a move that has driven oil prices to new lows Saudi Arabia announced a price cut for its U.S oil deliveries this week. On Tuesday oil prices hit a new low on concerns about a global supply glut. The selloff has shook the financial markets by driving down share prices of energy companies and has alarmed government officials. U.S oil futures finished the day at $77.19 a barrel a drop of $1.59. This represents a three year low. Brent crude the global benchmark fell $1.96 to$82.82 a barrel which is a four year low.