Oil prices are low, with Saudi Arabia and others selling crude to China for $50 a barrel, while Iran is selling $60 a barrel to China.
What’s a barrel of crude worth in today’s dollars?
The crude oil price is set by the International Energy Agency (IEA) on a weekly basis and the IEA says the price of Brent crude oil, the world’s benchmark, has dropped to $48.90 per barrel from $57.55 last week.
The IEA said the price dropped because of increased production and the US shale revolution, which is expected to bring oil prices down.
Here’s a look at the latest oil prices.