The Brent oil price eroded last night to $47.99 as the strong US dollar weighed heavily. The other news was that the discount war rages on, via the FT:
Saudi Arabia’s state oil company has cut its official selling prices to Europe, as the world’s largest exporter of crude attempts to retain its share of an oversupplied market.
Shipments to Europe made up more than 13 per cent of Saudi oil exports last year, according to data from the Opec cartel, but that number has slipped to just 10 per cent in the past six months, ship-tracking data shows.