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US oil price below $60 a barrel

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From a Financial Times article published 11 December 2014 @10.49pm:

US crude closed below $60 a barrel

US crude closed below $60 a barrel for the first time in five and a half years… The declines came on top of falls of more than $2 on Wednesday after the Opec producers’ cartel said demand for the group’s crude in 2015 would be the lowest in a decade and below current levels.

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From a Motley Fool Article published Friday 12 December 2014

THE OIL PRICE CRASH

If 2014 is remembered for anything, economically, it will be the oil price crash. In July, Brent Crude traded at $115, and that seemed perfectly rational. Today, it has plunged to $64. The share prices of BP and Royal Dutch Shell have duly crashed as well. As global, vertically-integrated businesses, the UK-listed oil giants aren’t a pure play on the oil price, but they can’t escape unscathed in times like these.

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From an OilPrice.com article published 11 December 2014

Big Oil Slashing Spending Amid Low Prices

Many oil companies are beginning to pare back capital expenditures, reconsidering pouring billions of dollars into expensive projects that may or may not be profitable in the current environment.

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From an article published by The Telegraph, 11 December 2014.

Opec veteran says oil price a ‘disaster’ and cartel powerless

Opec is now “powerless” on its own to prevent oil prices falling further because of a 2m barrels per day (bpd) surplus of supply in the market and the cartel should seek a deal with Russia, Norway and Mexico to arrest the decline, according to a senior Gulf official. “It’s a disaster,” said Mr al-Attiyah. “Opec should meet with non-Opec countries to resolve this but America will never cut production.”

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From an article by PennEnergy published 11 December 2014

Massive BP jobs threat; AXE SET TO FALL ON UK STAFF CITY DESK

ENERGY giant BP is to slash thousands of jobs as part of a $1billion cost-cutting drive in the wake of plunging oil prices. The company said its restructuring programme would see jobs cut among its worldwide oil exploration, refining, IT and human resources divisions by the end of next year. Although not confirming the exact number of jobs to go, it is understood several thousand positions out of the group’s 84,000 global staff are at risk. The main cuts are expected to be in the UK…

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