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Price of Brent crude oil hits lowest in 4 years

  • 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.

     

    Tagged as: Brent crude oil, price, US crude, benchmark, Opec countries, oil exports, oil market, business news