10th December 2014
Crude oil trading dropped even further during yesterday's session, with the commodity falling to a five-year low and drillers starting to pare back their operations.
US crude slumped into the trench on the back of concern about economic growth in Asia. In Japan, third quarter GDP was found to have contracted by 1.9 per cent – more than anticipated – while in China, imports fell and export growth expectations came in below the forecasted level.
Matters weren't helped when Iraq announced that it was going to cut the price of its produce for Asian and American buyers, following the lead of Saudi Arabia and fresh on the heels of Opec as a whole deciding to keep output constant for the foreseeable future.
It's not just crude oil trading itself that's suffering – drillers have felt some heat on the stock markets, while BP and ConocoPhillips have both announced cutbacks in view of the current climate. At 0800 GMT this morning, the US crude price stood at $62.69 a barrel.?
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