Dow Plummets as Crude Oil Sinks to 13-year Low

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As Somaliland motorists are enjoying the slump in prices occasioned by the glut

Journalist Ahmed Suleiman hopes the glut shall continue to drive fue prices lower

Somalilandsun – The price of U.S. crude fell below $27 a barrel amid a global glut in oil supplies that seems to be getting worse, lowest price since May 2003 and a far cry from the $100 a barrel it fetched in the summer of 2014.

According to Fox news the Dow Jones industrial average sank more than 500 points during the Wednesday midday trading is not the only affected by the price of U.S. crude fell below $27 a barrel amid a global glut in oil supplies that has seen Overseas markets fared no better.

Japan’s Nikkei index entered a bear market, down 20 percent from its peak in June, and European benchmarks lost between 3 and 4 percent continue reading

.in Somaliland motorists are enjoying the slump in prices occasioned by the glut thought to be related with the lifting of sanctions imposed on Iran that has seen the price of five litres of petrol drop from dollars five to $3.8 thence a huge respite.

According to a journalist with the state owned Dawan Media group Ahmed Suleiman the reduction in prices is much welcomed since the inherent of higher fuel prices led to some motorists managing to drive a couple of days a week but now drive round the clock.

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