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2014-11-04 19:45:00

OIL PRICES FALLING

OIL PRICES FALLING

Oil prices are in free fall this morning after it emerged that Saudi Arabia, the world's largest exporter, had slashed its contract price for its US customers in a further sign of an escalating war for control of global energy markets.

Brent crude - a benchmark made of oil from 15 North Sea fields against which almost half the world's petroleum is priced - fell 1.4pc to $83.61 in the morning trading session in London.

US crude futures are now trading at around $77 per barrel, a figure that will squeeze the profitability of shale oil producers in the US who are seen to be the biggest threat to the domination…

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Tags: OIL, PRICES, SAUDI, RUSSIA, US, OPEC
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