Source: Guardian.co.uk
The oil price slipped to its lowest level in nearly four years today after oil-producing countries failed to cut output, and the US was officially declared to be in recession. The cost of a barrel of London Brent Crude for delivery next month hit a low of $46.02 this morning, its lowest price since mid-February 2005. New York crude also maintained its steady decline, hitting a low of $47.36 a barrel, its lowest point since May 2005.
Saudi Arabia has indicated it is keen to keep the oil price at around $75 a barrel, half the $147 a barrel reached at its peak in July. But the steady stream of negative economic news in recent weeks has hammered the oil markets.
