The price of Brent crude oil has fallen $3.60 – 4.4% – to $77.52, its lowest level for four years. The benchmark US crude oil price is also at a four-year low, after losing $2.57 to close at $74.28. The price of oil has been dropping since June and has now fallen 30% to date. The current Brent Crude Price of $77.5 is now below the Nigerian benchmark price for 2015 budget sending jitters to watchers of the economy.
Analysts expect Brent crude oil prices to decline further this week making it the eight straight week of decline. OPEC is set to meet on the 27th of November and surely the world will be awaiting its outcome. Whilst Lower oil prices typically prompt Opec nations, which include the biggest oil exporting nation in the world, Saudi Arabia, to rein in on output in order to limit supply and boost prices, many believe OPEC may decide against cutting back supplies.