Brent oil hit a four-year low Tuesday, slumping to $US81.86 a barrel. This breaks last week’s low of $US81.92. Brent crude is now trading at $US82.61.
Crude oil hit a day low of $US76.50, before jumping back and is now trading at almost $US77. Last week, it hit a two-year low of $US76.42.
Last week, Saudi Arabia, the leading country of the OPEC cartel, made clear that it was ready to let the crude price slip to this level in order to defend its share in the US energy market. Offshore producers, like the OPEC countries, see their exports damaged by the boom of shale oil in the continental US, putting the country on the path to energy independence.
Here’s a longer term look at crude prices:
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