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Oil prices tumble on Saudi discount move

• AP

The 25 percent or so slide in oil prices since the summer could boost consumer spending and business investment in many economies around the world as fuel bills fall.

But not everyone's a winner. Oil producing countries like Russia and Venezuela, which have high extraction costs and whose budgets rely on assumptions of relatively high energy prices, stand to lose out. And lower prices could eventually slow down booming production in the U.S., offsetting the benefit of lower energy costs for consumers and businesses.

U.S. oil dropped another 2 percent Tuesday to $77.19, at one point falling to $75.84, the lowest level since October 2011. It was trading at $100 a barrel as recently as July. Brent, the international benchmark, declined 2.3 percent, to $82.82, having earlier fallen to $82.08, its lowest level in just over four years.

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