Fri, 03 Oct 2014 07:29:28 GMT
Oil at two-year low after Saudi price cut
Saudi Arabia decided to decrease its official selling price of oil, causing global oil prices to fall to their lowest in over two years time. Other contributing factors to the price dip are increased U.S. output, worries over a global supply glut, and decreasing global demand. Overall, Brent crude lost more that 1%, sliding to $93, which is its lowest since mid-2012. Light crude has not