FOX News: Oil Rout Resumes as Odds of OPEC Cuts Slide
The pressure on oil prices escalated on Wednesday amid persistently large stockpiles, while Middle East tensions are lowering the odds that OPEC will take action.
U.S. crude tumbled 5.6% to $33.97, the lowest settlement price in seven years. Brent crude, the international benchmark, slipped below $35 a barrel for the first time since 2004.
Concerns over a global oversupply have sent oil prices reeling for more than a year. West Texas Intermediate crude oil averaged $49 a barrel in 2015, a 53% decline compared to 2014.
WNU Editor: I live in Canada .... and the bottom has fallen out of its oil industry .... Canadian Oil Hits Record Low Around $19 A Barrel (Huffington Post). But as bad as this is for Canada .... it is an utter disaster for countries like Venezuela and Nigeria.
More News On The Price Of Oil Continuing To Decline
Oil prices hit 12-year low as fears about China grow -- CNN
Oil pares losses after dive toward 12-year low seen too far, too fast -- Reuters
Oil Prices Finish Below $34 -- WSJ
OPEC Basket Crude Price Crashes Below $30 - Lowest Since 2004 -- Zero Hedge
Oil Producers Have $100 Billion Wiped Out in Worst Start to Year -- Bloomberg
Oil Prices: What’s Behind the Drop? Simple Economics -- Clifford Krauss, NYT
How long will dirt-cheap oil prices last? -- David Schepp, CBS
Oil at $33: how much lower can it go? -- Holly Ellyatt, CNBC
No comments:
Post a Comment