The drop in oil prices shows little sign of abating after the benchmark New York rate fell below $45 a barrel for the first time in around six years. This amid speculation that the OPEC oil cartel won’t be reducing production levels any time soon. One of the reasons behind the recent fall in prices was OPEC’s reluctance to cut production, which has stoked talk that Saudi Arabia, in particular, is hoping lower oil prices will drive many shale gas producers out of business. The New York rate was down 2.8% at $44.76 a barrel while the international standard, Brent, fell 3.1% to $47.19.
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