Saudis gambling on game of oil-price chicken | Larry Elliott
by Larry Elliott Economics editor from on (#51EEV)
Brent crude likely to continue slide as Riyadh faces off with Russia and US
The demand for oil is falling. The supply of oil is increasing. The result - as even those with only the scantiest understanding of economics knows - is that the price of oil must be falling.
And some. The cost of Brent crude - one of the market benchmarks - fell to below $23 a barrel in early trading, the lowest it has been since the US and the UK were making preparations for the invasion of Iraq in November 2002.
Related: Oil rig closures rising as prices hit 18-year lows
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