Falling oil prices have been a major source of concern for the oil industry. The shale oil boom in the US, followed by OPEC's decision to maintain production at 30 million barrels of oil per day (bpd) are among the reasons for crumbling prices. West Intermediate Texas (WTI), the US benchmark for crude oil, traded at $67.84 on the New York Mercantile Exchange (NYMEX) during early hours today; it has lost more than 30% of its value since this year's high in late June.
Falling oil prices have been a major source of concern for the oil industry. The shale oil boom in the US, followed by OPEC's decision to maintain production at 30 million barrels of oil per day (bpd) are among the reasons for crumbling prices. West Intermediate Texas (WTI), the US benchmark for crude oil, traded at $67.84 on the New York Mercantile Exchange (NYMEX) during early hours today; it has lost more than 30% of its value since this year's high in late June.
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