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2014-10-03 20:10:00

OIL HAS FALLEN

OIL HAS FALLEN

Brent crude hit a 28-month low on Thursday while benchmark US oil dropped below the $90 a barrel mark for the first time since April 2013, pointing to significant stocks on both sides of the Atlantic.

ICE November Brent, the international oil benchmark, fell $2.23 to $92.04 a barrel – the lowest since June 2012. Nymex November West Texas Intermediate eased $2.07 to $88.57.

The latest sell-off came after Saudi Arabia noticeably lowered its official selling prices for its customers across all regions in November. In some cases, prices were at levels similar to those during the 2008-09 financial crisis.

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Tags: OIL, BRENT, BARREL, PRICE

Chronicle:

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U.S. RIGS DOWN 10 TO 1,012

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