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originally posted by: Sookiechacha
originally posted by: Gothmog
But , how long till $110 again ?
Just shut up and buy the dip, dip #!
Oil prices were in freefall on Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe. Benchmark Brent crude oil futures dove 30% in early trading Sunday night before recovering somewhat to a drop of 22%.
Saudi Arabia, the world's second-largest producer, this weekend also said it will actually boost oil production instead of cutting it to stem falling prices, in a dramatic reversal in policy from just two days ago.
originally posted by: grey580
a reply to: GBP/JPY
Oil is down because of the COVID scare.
People are staying home.
The oil markets have been anticipating a big impact on oil demand from the coronavirus outbreak. That’s why we have seen nearly a 30% drop in the price of crude oil since the beginning of January.
originally posted by: caterpillage
Well on the bright side gas should be under a buck a gallon by morning right?
Lol right
originally posted by: grey580
a reply to: Lumenari
Forbes
The oil markets have been anticipating a big impact on oil demand from the coronavirus outbreak. That’s why we have seen nearly a 30% drop in the price of crude oil since the beginning of January.
Looks like it was expected since January? Seems that the drop is due to travel restrictions in china. Flight restrictions also lead to fuel price drop. It's very interesting how it's all intertwined.