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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.

Thursday, 06 Nov, 2014 / 1:00

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