Crude Oil Prices Plummet As Supply Outstrips Demand
But pump prices are increasing in some countries.
The sharp drop in crude oil prices is probably the biggest energy story to grab headlines recently with major repercussions for all countries worldwide. Brent Crude for November settlement dropped to its lowest since mid-2012, to US$92.11 a barrel on the ICE Futures exchange. West Texas Intermediate (WTI) slid below US$90 on 2 October, the first time since April last year; this comes the day after the world’s largest oil exporter, Saudi Arabia, slashed selling prices to a six-year low.