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00:00:00
the price of oil plunged into an eleven year low on Thursday reaching levels of support it analysts had thought would take days to go through the time on it China where shares were suspended for a second time this week sending crude below thirty three dollars a barrel Reuters John camp has been following the story the outlook or for a few long days is weakening environment and there ain't no song by downing supply on the current tensions between Saudi Arabia and Iran making even less likely that OPEC will agree article production , investors were already worried by near record output in massive stockpiles of unwanted crude on Wednesday US government data revealed a surge in US gasoline stocks , speaking market where is the price of oil has shed around seventy percent since the current downturn began in June twenty fourteen causing pain to oil companies and government relying heavily on crude revenues , or twenty three stocks on the stock six hundred or and got index in the rent Thursday and technical analysts say there's little to stop the price crumbling further Goldman Sachs twenty dollars a barrel prediction is now looking but not less farfetched