Ricochet News

Oil price dips below $80

By Charl Bosch - Nov 14, 2014
Oil price dips below $80

The price of Brent crude oil has fallen to its lowest level in four years, with economists citing the slowdown of the Chinese economy, the increasing supply of shale gas in North America, and possible cut backs from the Organisation of the Petroleum Exporting Countries (OPEC) as the main reasons.

At 10h20 yesterday morning, the price for London Brent crude fell to $79.55 per barrel, while the price for US light crude decreased to $74.21 a barrel, levels last shown in September 2010.

According to I-Net Bridge, the latest figures have shown a continuation in decline with Brent Crude Oil currently trading at $77.31 a barrel.


IMAGE sourced from www.ibmbigdatahub.com