Friday 8 January 2016

OIL PRICES SLIDE BELOW $33 TO NEAR 12-YEAR LOW

Crude Oil Price Drops Below $35 for First Time Since 2004Oil prices slid below $33 a barrel yesterday to levels not seen in more than a decade, as a tumble in Chinese equities rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products.

The price of oil has shed around 70 percent since the current downturn began in June 2014, causing pain to oil companies and governments that rely heavily on crude revenues.

Read more @ Guardian Online

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