Once again, oil is going low, low, low.
After speculation the price of oil had stabilized around $50, the price of West Texas Intermediate – the U.S. benchmark – is once again on a precipitous slide, as it becomes clear just how much oil the U.S. is producing. So much, in fact, that they are running out of storage space. This morning, the price has been inching down, and is currently at $43.14.
The other major forces at work this week are the rise of the U.S. dollar, which last week hit a 12-year-high against the swiftly weakening euro, and the lead-up …read more
Source: Macleans
