Markets Stunned as US Oil Falls Below $30 a Barrel

The price of US oil has dropped under $30 a barrel for the first time in 12 years, setting off a chain reaction worldwide. BP says it will cut its workforce by 5%, and Brazil’s state-run Petroleo Brasileiro has scaled back planned investment. Wells Fargo, a major lender to the energy sector, says US shale producers can’t survive if oil holds below $40 a barrel for a long time.