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Crude oil price drops to its lowest

Author : | Published: Thursday, January 14, 2016

The price of crude oil has dropped to its lowest in less than 18 months.

A barrel of crude has dropped by $62 in the world market since 2014.

According to the New York Mercantile Exchange, the last highest price for a barrel of crude oil was recorded in June 2014, at $93.14.

Since then, the price started falling until it reached $31 on Tuesday.

During this period, South Sudan, whose economy largely depends on oil revenues, was struggling with the crisis caused by the conflict that broke out in 2013.

South Sudan depends on oil exports to fund up to 80% of its annual budget.

The production level has also reduced sharply since the beginning of the conflict in December 2013.

The Brent crude, used as an international benchmark, fell as low as $29.96 yesterday but bounced back to trade at $30.22.

The prices are expected to drop further.

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