Oil swoons 3 pct to new lows; eyes on Saudi U.S. discount

Oil dived more than 3 percent on Tuedsay to multi-year lows, as Saudi Arabia's sharp cut in export prices to the United States looked likely to deepen a global supply glut that has already driven prices down 30 percent since June. On Monday, Saudi Arabia surprised the market by raising prices for Asia and Europe but cutting prices for U.S.

via Business News http://ift.tt/1sdUeGL