Oil Prices Dive to Lowest Level in Two-Months

SourceAl Bawaba
SectorEconomy
CountrySaudi Arabia

Oil prices on Tuesday slid more than three percent, to their lowest level in two months, to $40 a barrel under pressure from a stalling recovery in demand and planned production expansions by Opec that threaten to add to an existing glut of crude. Brent crude fell $2.18, or 5.2 percent, to $39.83 a barrel at 1400GMT, and earlier slipped to $39.61, the lowest since June 25. US West Texas Intermediate (WTI) crude dropped $2.99 or 7.5 per cent, to $36.78. Both oil benchmarks have dropped in their fifth session of decline. Brent has fallen more than 10 per cent since the end of August. On Monday, crude fell after Saudi Arabia's state oil company Aramco cut the October official selling prices for its Arab light oil, a sign demand may be stuttering. "The ...read more...