NEW YORK: The Brent crude prices further dropped below $90 a barrel to the lowest rate since 2012.
Experts are calling it “a perfect storm” with demand being impacted by Europe’s near recession and lower expectations for oil consumption in China. At the same time, production in the US has soared by over 3 million barrels per day in the last two years. The price drop comes amid general concerns over weakening demand globally and oversupply from the US because of increasing shale oil production.
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