US oil price falls to 3-year low
The price of West Texas Intermediate (WTI) crude oil dropped to its lowest level in three years, after Saudi Arabia cut prices for crude exports to U.S. customers.
The price of Brent crude fell as well amid speculation that stockpiles increased, Bloomberg reports.
{mosads}WTI fell to $75.84 a barrel, the lowest since Oct. 4, 2011. U.S. inventories of crude increased by 1.9 million barrels last week to a four-month high, a Bloomberg survey said.
The price of oil slipped in October to a two-year low amid refusals by the Organization of Petroleum Exporting Countries to cut production.
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