Baku, Azerbaijan, Nov. 4
By Umid Niayesh - Trend:
OPEC oil price slipped to $80 per a barrel on Nov.3, the lowest during 2014.
Each barrel of OPEC oil basket was sold at $80.64 on Nov.3, according to OPEC's official website.
The figure was $100 per barrel in Sept. and about $108 in mid-June.
The record drop in OPEC's oil price during current year occurred on Nov. 3, while the number one producer Saudi Arabia cut it's oil price even more on Nov. 4. This brought the U.S. oil price around $76 on Nov. 4.
Brent crude - a benchmark made of oil from 15 North Sea fields against which almost half the world's petroleum is priced - dropped by 2.5 percent to $82.62 in the mid-morning trading session in London.
Reuters reported on Nov.4 that Saudi Aramco cut its prices for U.S. customers, a fact that soured market sentiment over the Monday afternoon.
The decline accelerated after U.S. prices broke the Oct. 27 intraday low of $79.44 a barrel on Monday and now the figure stands at $76.
...