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CNN: Oil crashes below $18. Crude hasn't been this cheap since just after 9/11
New York (CNN Business)President Donald Trump's victory lap for convincing Russia and Saudi Arabia to cut production looks awfully premature.
US oil prices plunged another 13% Friday, breaking below $18 a barrel. At one point, crude dropped to $17.33 a barrel -- the weakest price since November 2001.
The accelerating crash in the oil market reflects a realization that the record-setting OPEC+ output cuts aren't nearly enough to offset the epic collapse in demand caused by the coronavirus crisis.
Crude skyrocketed to $28.34 a barrel on April 3 after Trump signaled Saudi Arabia and Russia would make massive production cuts. After OPEC+ eventually agreed to those cuts last weekend, Trump thanked Russian President Vladimir Putin and Saudi King Salman for settling their recent price war.
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Update #1: Oil plunges 13%, continues deep slump as dismal outlooks for global demand persist (Business Insider)
Update #2: Just How Big Is the Biggest-Ever Slump in World Oil Demand? (Bloomberg)
WNU Editor: Russia and Saudi Arabia are considering more oil production cuts .... Russia And Saudi Arabia Consider Even Deeper Oil Output Cuts (OilPrice.com). If the deal to cut oil production in May is respected, there will still be a glut of 20 million of barrels of oil today. Even if Russia and Saudi Arabia decide to close production completely today, there will still be an oil glut. The only way oil prices will go up is if the economy grows. And I do not see that happening this year.
4 comments:
Everyone out of work can thank a liberal. Entirely self inflicted.
Just quit it all people 5 g kills and your phone
We can cured the earth if only we all come to a stand still like a UFOs landing somewhere around the earth
Stopping the moment like right now
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