A new study has shown that, by far, China’s crude prices are the lowest in the world.
The global benchmark, Brent crude, traded below $60 a barrel in New York trading Wednesday for the first time in more than two months.
The benchmark price was trading near $100 a barrel during a two-day low.
The price drop came as global oil prices were on a tear, as OPEC members Saudi Arabia and Russia pushed back against a new U.S. tax on oil exports.
The tax will increase the price of oil.