L
LequteMan
Guest
Saudi Arabia's unexpected cut in the price of oil sold to the US has sent crude oil prices to a four-year low, the BBC reports.
Brent crude fell to near $82 (£51.24) a barrel as worries about global growth spooked investors who are concerned about the US oil industry in the face of slowing growth and lower prices.
Some worry that low oil prices could hurt domestic US producers dependent on high prices for profitability.
The price cut also sent shares in many energy firms lower, pushing down all three US share indexes.
The European Commission also reduced its growth forecasts for the eurozone.
#BBC #CrudeOil #SaudiArabia
Brent crude fell to near $82 (£51.24) a barrel as worries about global growth spooked investors who are concerned about the US oil industry in the face of slowing growth and lower prices.
Some worry that low oil prices could hurt domestic US producers dependent on high prices for profitability.
The price cut also sent shares in many energy firms lower, pushing down all three US share indexes.
The European Commission also reduced its growth forecasts for the eurozone.
#BBC #CrudeOil #SaudiArabia
