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Oil Prices Drop to Three-Year Low
The price of crude oil dropped to its lowest since 2011 on Tuesday as Saudi Arabia deepened a price war with members of the Organization of the Petroleum Exporting Countries.
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The price of crude oil dropped to its lowest since 2011 on Tuesday as Saudi Arabia deepened a price war with members of the Organization of the Petroleum Exporting Countries.
West Texas Intermediate oil sagged to $77.19 per barrel, down almost 30% since June. Brent crude, the standard overseas, is at a four-year low of $82.82.
Global petroleum supplies have widened because of slow economic growth and a significant increase in output from the U.S. OPEC has been bickering internally whether to cut output or reduce prices. Saudi Arabia, the cartel's largest producer, has opted for the latter to defend market share.
Saudi oil shipments to the U.S. have dropped to about 1 million barrels per day from 1.5 million bpd in 2008 and 1.3 million bpd in 2013, according to the U.S. Energy Information Administration.
Analysts say the price decline is likely to continue until U.S. oil falls to about $70 per barrel.
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