Oil now under $5 per barrel. LOL never thought I'd live to see that.
They were just saying on the biz news that with the global slowdown oil was mispriced probably for awhile now. Oil contracts are ending today and being repriced accordingly.
Also, the places to store oil are all full up. No where to store any oil being produced now. Production will most likely have to cease. If this low price persists then it's going to put a lot of folks out of business.
How long are countries like S.Arabia, Russia, and Iran all whose ecnonomies are very dependent on higher oil prices going to be able to weather the storm? IMO not very long, oil prices have been low for a while now and can continue to be depressed for possibly months to come.
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