N. Sea crude oil price slumps below $35-barrel to 11 year low

leaking oil barrelThe price of North Sea oil has slid southwards, with Brent crude today falling below $35 a barrel for the first time in 11 years.

Brent crude sank by 4.2% to $34.88-barrel, surpassing its late December fall, and taking the price to its lowest level since 1 July 2004.

The price of  US crude dropped 3.3% to $34.77-barrel.

Analysts said the economic fall-out from the de facto ‘cold war’ between Saudi Arabia and Iran over recent executions of faith leaders was spooking the market as it makes any co-operation between the two producers over cutting supply unlikely.

Scottish Energy News 30 December 2015:

Saudi king raises domestic taxes to fund war-chest in oil price battle with US shale producers

http://www.scottishenergynews.com/saudi-king-raises-domestic-taxes-to-fund-war-chest-in-battle-with-us-shale-oil-producers/

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