Tuesday, January 12, 2016

The Collapse In Oil Prices Continue (Updated)



Reuters: Oil slump nears $30 a barrel mark on unabated output

Crude oil prices lost more than 2 percent on Tuesday, extending a relentless selloff to trade within cents of $30 a barrel for the first time in 12 years on concerns about fragile Chinese demand and the absence of restraint in global production.

Shaking off early firmness, crude extended a nearly 7 percent drop from Monday. Losses for the year of almost 17 percent have been driven by too much supply, the weakening economy of No. 2 consumer China, sliding stock markets, and a strong dollar, which makes it more expensive for those using other currencies to buy oil.

Analysts from some major banks have cut their 2016 oil forecasts to as low as $10 per barrel.

WNU Editor: These numbers are putting fears in the markets .... Gartman: Oil 'panic' could sink prices to $15 (CNBC). There are some who are even predicting these incredibly low prices .... How low can it go? Oil could crash to $10 a barrel, warn investment bank bears (The Telegraph). OPEC is also splintering .... War of words breaks out among OPEC members (CNN).



More News On The Collapse Of Oil Prices

Oil Falls Below $30/BBL for First Time Since December 2003 -- Bloomberg
Oil prices near $30 as selling continues -- Financial Times
Banks Slash Oil-Price Forecasts Again -- WSJ
Oil Prices Dive 6 Percent to 12-Year Low; Is $20 a Barrel Possible? -- Reuters
US Oil Companies Headed For Bankruptcy? As Price Per Barrel Plunges, Morgan Stanley, Goldman Sachs and Citigroup Issue Warnings -- IBTimes
Nigeria Says OPEC May Meet Soon as Oil Even Hurting Saudis -- Bloomberg
UAE moves to quash talk of OPEC emergency meet as oil slumps -- Reuters

1 comment:

Anonymous said...

Everyone is predicting oil prices will go down. Time to bet they are on there way back up.