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Home Latest News

Saudi oil prices fall below $50 barrel for first time since 2009

byCustoms Today Report
07/01/2015
in Latest News
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RIYADH: Oil prices fell below $50 a barrel for the first time since 2009 on Monday on a rocky day for the markets.

According to experts, the record low oil prices could have a range of other benefits for everything from groceries to travel.

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Since mid-2014, the price has dropped from more than $US100 ($A123) a barrel to below $US50 overnight, hitting the lowest level in five years.

But while the news has motorists jumping for joy and energy executives wringing their hands, falling prices are actually a symptom of a much more complex situation that will create some surprising winners and losers.

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