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| Crude oil at four-year low after Saudi Arabia price cut | Crude oil at four-year low after Saudi Arabia price cut |
| (about 1 hour later) | |
| Crude oil prices have hit a four-year low after Saudi Arabia unexpectedly cut the price of oil sold to the US. | Crude oil prices have hit a four-year low after Saudi Arabia unexpectedly cut the price of oil sold to the US. |
| Brent crude fell to near $82 a barrel in midday trading, as worries about global growth also spooked investors. | Brent crude fell to near $82 a barrel in midday trading, as worries about global growth also spooked investors. |
| Earlier, the European Commission reduced its growth forecasts for the eurozone. | Earlier, the European Commission reduced its growth forecasts for the eurozone. |
| Investors are concerned about the US oil industry in the face of slowing growth and lower prices. | |
| Some worry that low oil prices could hurt domestic US producers dependent on high prices for profitability. | Some worry that low oil prices could hurt domestic US producers dependent on high prices for profitability. |
| The price cut also sent shares in many energy firms lower, pushing down all three US share indexes. | The price cut also sent shares in many energy firms lower, pushing down all three US share indexes. |