Brent crude oil price just fell to its lowest in four years after Saudi Arabia slashed contract price for US

first_img Share The price of Brent crude oil dropped to a four year low today, after Saudi Arabia unexpectedly cut its contract price for customers in the US.  As the world’s largest exporter of the commodity, Saudi Arabia’s move represents an intensification of the battle between countries to gain control over global energy markets.  It was Saudi Aramco – the world’s largest state-owned oil company by production and reserves – that implemented the cut. In London, mid-morning trading value fell 2.5 per cent to $82.6 per barrel, mainly because of the price slash but also because of investor concerns over the European Commission’s reduction in growth forecasts for the single currency zone.  In the US, crude futures are currently priced at around $76 per barrel – the low value is likely to squeeze the profitability of shale gas prodducers in the country. “Apparently Saudi Arabia is now concentrating more on defending its market shares on the US market, which could pose a problem in particular for Canada, Mexico and Venezuela (other leading suppliers of oil to the US) and for US shale oil producers,” Commerzbank said in a statement.  Tags: Oil prices whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Show Comments ▼ Tuesday 4 November 2014 12:53 pmcenter_img Sarah Spickernell by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunElvenar#StayAtHome and Play this Fantasy Game. No Install.ElvenarBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution whatsapp Brent crude oil price just fell to its lowest in four years after Saudi Arabia slashed contract price for US last_img

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