Crude oil prices plunged yet again Tuesday, briefly falling below $30 a barrel for the first time in more than a decade.
February crude oil settled at $30.41 a barrel, the lowest since 2003.
Reports say Saudi Arabia is digging in its heels, refusing to curb production in an effort to cripple non-OPEC competitors.
It’s a risky bet for the cash-strapped Saudis as they face domestic and regional pressures that may bring down the current regime.
A stronger dollar and weak demand prospects are also causing oil prices to collapse.
The material has been provided by InstaForex Company – www.instaforex.com