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Oil prices in further decline

Oil prices in further decline
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Global oil prices have fallen again. The decline comes amid worries about slow growth and reports key producers want to maintain output levels.

Brent crude fell below 88 dollars a barrel its lowest in almost four years.

It’s understood Saudi Arabia has let it be known privately it can accept oil prices of between 80 and 90 dollars a barrel and that it is unlikely to push for a cut in production.

Reports from Kuwait quote the country’s oil minister who indicated 76 -77 dollars a barrel might be the floor price.

That’s the price it costs to produce a barrel of oil in the US and Russia.

The Organisation of the Petroleum Exporting countries is due to discuss output at their meeting next month. Some experts had expected the group to reduce oil supply before then.