Brent crude oil price drops to new low of $32 a barrel as US output rises
by Terry Macalister from Economics | The Guardian on (#ZXPJ)
Slowdown in Chinese economy and rising US output plunges price to new low with huge knock-on effects for UK's North Sea oil industry
The price of North Sea oil has fallen to just above $32 per barrel, 72% lower than the peak of $115 reached in the summer of 2014.
The value of Brent crude was hit for the fourth day in a row, this time by figures from the US showing oil production had risen even higher despite the enormous supply glut.
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