from Oil Price:
As crude oil prices take a beating, with Saudi Arabia predicting that prices will stabilize at $60 per barrel, we head to Norway, where state-run giant Statoil is poised to come out ahead of a game that has everyone panicking amid the geopolitical OPEC-versus-America banter.
On Wednesday, Brent Crude was under $70 and WTI was at $66 after the Saudis announced that prices would likely drop further and stabilize at $60, and after a drop in US crude inventories the day before had brought crude futures up a bit.
As of Wednesday, Brent Crude was down 44 cents to $69.48, having fallen 37% this year and 10% in the past week alone. Now, Saudi Arabia is planning to cut January prices for oil to the US and Asia, after having already lowered them to $71 per barrel in November.
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