LONDON (AFP) – The worlds biggest oil exporter Saudi Arabia declared this week that ultra-low oil prices were irrational as crude hit new 12-year lows under $27 on the global supply glut.The markets dramatic slump culminated on Wednesday with New York crude collapsing to $26.19 per barrel — a point last seen in May 2003.London Brent oil also skidded to $27.10 — the lowest level since November of the same year.Prices have since recovered somewhat to sit at $31 heading into the weekend, but traders remain on edge after another rocky week.Oil turned higher as OPEC kingpin Saudi said the …read more
Source: Dunya TV
