Terrorists. Thats from britains science chief as he slams u. S. Tech company for turning a blind eye to misuse of their services. And u. S. Voters head to the polls today with the key Midterm Elections deciding which Party Controls congress and whether there will be two more years of political gridlock in washington. Youre watching Worldwide Exchange, bringing you Business News from around the globe. And we have to kick off with our top story, which is oil today. Of course, its down 27 since it peaked in 2014. June and down over 10 since the start of october, down 1. 6 , as you can see so far today. Really, quite an astonishing move yesterday. In fact, it was up at the start of day when the saudis announced they were going to be increasing the price to the far east and then they announced they would be cutting to price to the u. S. Seeing a sharp selloff as we went through the course of the day. Even though i think theres a bit of complacency in the longterm oil price, in the shortterm
Todays battle for control and all of the issues at stake in just a few minutes. But first, we have a round up of the mornings other top stories. Joe talks about it. Oil prices falling sharply, expanding losses for a fourth session. Check this out right now. You thought this was bloody yesterday, down another 2. 6 this morning. 76. 70 for wti at this point. Saudi arabia cutting prices to the United States. The exporters battling for market share here in the Worlds Largest energy consumer, nation, also weighing on prices. Signs that opec is ready to curb outputs. Oil prices are down more than 20 from this years peak in june and, andrew, this is a huge deal because, in saudi arabia, they can produce that oem oil for about 30 a barrel. Here in the United States, if you start looking at fracking and some of these other techniques, its more complicated, its more expensive, and it costs somewhere between 6 0 and 63 on average to get some of that oil on the ground. Weve got the number of stock