Crude oil futures slump to end at a three-year low

Crude oil futures extending their slump for a fourth straight session, plummeted to end at a three-year low on Tuesday. Saudi Arabia announced a cut in prices to buyers in the US. Last month, Saudi Arabia had announced a reduction in oil prices for its customers in Asia and Africa as well. Prices were also weighed down by a report of the US Bureau of Economic Analysis, which said the country’s trade deficit widened to $43.03 billion in September from $39.99 billion in August.

Benchmark crude oil futures for December delivery plunged by $1.59 or 2.0 percent to close at $77.19 a barrel after trading in a range of $78.41 and $75.84 a barrel intraday on the New York Mercantile Exchange. In London, Brent oil futures for December delivery declined by 2.49 percent at $82.67 a barrel on the ICE.