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The price of oil plummeted to a four-year low, falling more than a dollar a barrel on Thursday as concerns over the global economy and a supply glut continued to wreak havoc with it.
The price of oil plummeted to a four-year low, falling more than a dollar a barrel on Thursday as concerns over the global economy and a supply glut continued to wreak havoc with it.
According to Reuters:
Global benchmark Brent has lost more than 28 percent since June on slow demand and abundant supply. Losses have accelerated in October on signals that the Organization of the Petroleum Exporting Countries has no plan to cut output.
Brent crude for November delivery had dropped to $82.72 a barrel, the lowest since November 2010 and was down 84 cents at $82.94 a barrel by 1102 GMT. U.S. crude fell $1.47 to $80.31 a barrel.
Eugen Weinberg, an analyst at Commerzbank, said:
The market still seems very bearish. And despite us seeing a floor around $80, even this floor might come into danger if we don’t have any signal from OPEC any time soon.