00:00Crude oil price fell two percent last night and the price of North Sea Brent oil went
00:06below 59 US dollars a barrel for the first time since 2021.
00:10It's now fallen 20 percent this year and is half what it was in May 2022 after Russia's
00:15invasion of Ukraine, which led to fear that sanctions against Russia would take its oil
00:20out of the market.
00:22But the price promptly started falling because despite the sanctions, Russian oil never really
00:26went out of the market and just was rerouted through China, India and Turkey at a discount
00:32using a fleet of shadow tankers.
00:35Meanwhile US output of shale oil has been rising and demand has been weaker than expected partly
00:39because of the huge growth of electric cars.
00:43Now as you'd expect energy stocks fell again on the local share market, offsetting some
00:46gains by miners and Graincorp fell sharply after a negative trading update.
00:52In New York the main index went down a bit but NASDAQ which has more tech stocks in it
00:56went up and the Aussie dollar eased slightly to 66.25 US cents.
01:02And finally the key graph from today's budget update.
01:04For the next four years receipts and payments both fall and stay about $36 billion apart.
01:10That is more money going out than coming in.
01:13And then after that money out stays the same while money in goes up, they think or perhaps
01:21hope.
01:22And that's finance.
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