Price of Brent crude oil hits lowest in 4 years
November 14 , 2014
The Brent crude oil price has fallen by 4.4% or $3.60 to $77.52, the lowest in four years.
The US crude benchmark is also at its five-year low, closing at $74.28. Since summer the price has dropped sharply and it is 30% lower than its June price.
Opec countries, which together control around 40% of the world’s total oil exports, are not expected to cut production, reports indicate.
The 12 member Opec nations are meeting this month to discuss the oil market.