NOV. 4, 2014 

  

HOUSTON — Oil prices plunged for a second consecutive day on Tuesday as commodity traders appeared convinced that a move by Saudi Arabia to cut its oil price for the United States will presage a price war by the Organization of the Petroleum Exporting Countries.

 

The benchmark American oil price broke below $76 a barrel during the day, representing its lowest level since October 2010, before recovering a bit. North Dakota and Canadian crude dropped even lower, and the slide stretched to the global Brent benchmark, which swooned to just over $82 — roughly a 30 percent drop since June.

 

The day’s 2 to 3 percent price declines for most crude benchmarks came as a reaction to a move by Saudi Arabia on Monday to cut its selling price for the American market by roughly 45 cents a barrel.

 

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