Crude oil prices have been caught in a downward spiral since June following a glut in global supply, tepid demand due to weakening economic growth and in some measure, due to recent strength in the US dollar.
Crude oil supplies have burgeoned following increasing production in the US and in Libya, Iraq and Nigeria. Saudi Arabia is apparently more concerned with preserving its market share rather than implementing production cutbacks, and may be looking for a silver lining in low crude prices that could ultimately snuff out drillers in areas of the US shale boom.
Spot Brent crude oil, the international benchmark fell from a high of $115.71 on...
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