Categories: Breaking NewsBusiness

Crude oil prices hit four-year low

Crude oil prices have reached a four-year low after Saudi Arabia unexpectedly cut the price of oil sold to the US.

Brent crude fell to near $82 a barrel as worries about global growth also spooked investors.

Earlier, the European Commission reduced its growth forecasts for the eurozone.

Investors are concerned about the US oil industry in the face of slowing growth and lower prices.

Crude oil prices have reached a four-year low after Saudi Arabia unexpectedly cut the price of oil sold to the US

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.

Surging revenues from the US oil boom have led to calls on the government to remove regulations restricting the sale of US crude oil abroad.

In the interim, the growth in domestic oil production has helped the US trade deficit, as the US has become less dependent on importing foreign oil.

Separately on November 4, the Commerce Department’s latest release showed that the US trade deficit unexpectedly widened in September as exports hit a five-month low, mostly due to economic weakness in Europe.

The Commerce Department said the trade gap increased by 7.6% to $43.03 billion, as China and eurozone orders decrease and the strength of the US dollar hurt exports.

JqAji9weQBk
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago