Oil price drops to US$81.94 per barrel
Thursday, Oct 23, 2014
OPEC Oil Basket price has went down to US$81.94 a barrel on Wednesday,
22nd October 2014, which is down from US$82.09 on the Tuesday. The oil slump
from US$99.99 per barrel at the beginning of September 2014 has seen suppliers
having to cut prices, along with news announcements on risks for Australian LNG
The slump is mainly due to US and International demand projections being
lowered, and the difference between supply and demand means that we cannot base
the future of the industry on this particular slump.
It is predicted that prices will remain above US$80 per barrel.
Source: Your Oil and Gas News Staff