Oil hits new 5-year low on firm dollar, Saudi price cuts
London
OIL struck fresh five-year low points last week on the back of the strong US dollar, oversupply fears and major producer Saudi Arabia slashing its export prices. The market had already plunged the week before after Opec left its output ceiling unchanged, despite a global supply glut.
Crude futures have now slumped by about 40 per cent since June, faced also with cheaper oil being extracted from North American shale rock.
Weak economic data has added to the pressure, with worse-than-expected manufacturing figures in China, the world's largest energy consumer.
Commodities were also hit late Friday a…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tesla cuts US prices by US$2,000 as sales slow, inventories swell
Volkswagen workers vote decisively to unionise in Tennessee
Sony deal for Paramount would draw added regulatory scrutiny
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try