on glut warning !!
The price of Brent crude oil fell below $39 a barrel at one point, its lowest since December 2008.
US crude oil also fell, down 50 cents to $36.12 a barrel.
Oil hits new seven-year low
Shale oil
Opec producers pumped more oil in November than in any month since late 2008, almost 32 million barrels per day.
That comes at a time when the world's economic growth is slowing, blunting demand for raw materials
Opec producers pumped more oil in November than in any month since late 2008, almost 32 million barrels per day.
That comes at a time when the world's economic growth is slowing, blunting demand for raw materials
Sustained falls in output could help to stabilise the price of oil, although some market forecasters
suggest the price could continue to fall to as low as $20 a barrel.
suggest the price could continue to fall to as low as $20 a barrel.
[quote author=TRINIDADDY link=topic=65032.msg668693#msg668693 date=1449837453]
The US dollar is artificially propped up in similar ways, being the reserve currency of the world
and the means by which oil is traded globally.
[/quote]
Well TD ...here we go
The US dollar is artificially propped up in similar ways, being the reserve currency of the world
and the means by which oil is traded globally.
[/quote]
Well TD ...here we go
Russia is battening down the hatches for a Biblical collapse in oil revenues, warning that crude prices could stay as low as $40 a barrel for another seven years. Maxim Oreshkin, the deputy finance minister, said the country is drawing up plans based on a price band fluctuating between $40 to $60 as far out as 2022, a scenario that would have devastating implications for Opec. It would also spell disaster for the North Sea producers, Brazil’s off-shore projects, and heavily indebted Western producers. “We will live in a different reality,†he told a breakfast forum hosted by Russian newspaper Vedomosti. The cold blast from Moscow came as US crude plunged to $35.56, pummelled by continuing fall-out from the acrimonious Organisaton of Petrol Exporting Countries meeting last week. Record short positions by hedge funds have amplified the effect.
Great news . Vaseline prices way down
It's very low, pretty worrying. Some people forget how much power and influence Russia still has, and not just military.
Like the other thread, if people start moving away from the dollar the world will change very drastically.
Like the other thread, if people start moving away from the dollar the world will change very drastically.
Pump prices has not declined !
Sigh. Time to take up archery, horse-riding, and farming. Should probably get a good dog and some weapons, too...
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