Opec and US production falls as markets see price set to end 30% lower than final yearOil prices fell over 3% on Wednesday after fresh data showed US crude supplies continuing to grow while Saudi Arabia promised to keep up its policy of pumping its wells flat out. A barrel of benchmark Brent crude was changing hands for $36.58 at one stage, leaving it on track to end 2015 30% lower as demand failed to keep up with supply.
The latest fall – in touching distance of 11-year lows – should be sterling news for motorists and many industries but will unnerve companies and their suppliers who depend on North Sea exploration and production.
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Source: theguardian.com