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Business Global Oil Prices Fall to Two-year Low


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Following Saudi Araibia's cutting its official selling price, global oil prices have fallen to below $90, the lowest it has been in years. Excerpt:

Global oil prices have fallen to their lowest level in more than two years after Saudi Arabia cut its official selling price.

Concerns of oversupply after higher output in the US, together with forecasts of lower global demand by the International Energy Agency (IEA), are driving prices down.

Brent crude fell by more than 1% to $93 a barrel, its lowest since June 2012.

US light crude dipped below $90 for the first time in 17 months.

In late London trading it was barely changed on the day at $90.63 a barrel.

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#BBC #SaudiArabia

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