Crude Oil Price Drops to New Five-Year Low
The price of crude oil dropped to a new five-year lows on Friday. While the U.S. is producing oil faster than ever recorded, poor global economic growth has cut demand. Prices fell even further when Saudi Arabia and Gulf allies blocked the Organization of Petroleum Exportation Countries from reducing production levels in order to boost the price of oil last month. Political analysts are watching major oil producing countries, like Iran and Russia, closely to see how declining revenue will affect their reaction international pressure.
By Jordan Moses
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