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Crude Oil Prices Fall To 13-year Low! by 247notire(m): 7:53pm On Feb 11, 2016 |
The dramatic crash in oil prices has returned with a vengeance. U.S. crude futures dropped as much as 5% on Thursday, driving prices below $27 for the second time in recent weeks. Before this year, oil prices hadn't dipped below $27 since 2003. The steady decline is creating a widespread headache for financial markets. It's causing energy companies' profits to plunge, raising worries about the prospect of bankruptcies in the oil sector and spooking investors about global growth. In total, crude oil has plunged an incredible 75% from its June 2014 peak of almost $108. Related: Stocks sink following oil crash U.S. stock markets followed by declining sharply. The Dow fell as much as 350 points and the Nasdaq moved closer to a bear market, or 20% below its most recent high point. World markets also suffered. In Asia the Hang Seng ( ) dropped nearly 4% Thursday, while the Nikkei ( ) shed 2.3%. Major indexes in Europe were 1.5% to 3% lower after Sweden's central bank pushed its key interest rate further into negative territory at -0.5%. Related: Fallout: Oil bankruptcies spike 379% The International Energy Agency said earlier this week that it expects the global oil glut to grow throughout the year. "With the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term," the IEA said in its monthly report. Related: Don't expect oil prices to rise soon, IEA warns Freed from sanctions, Iran ramped up its production to nearly 3 million barrels a day in January -- an 80,000 increase from December. Iraqi output reached a record high of 4.35 million barrels a day in January, and shipments from Saudi Arabia have also increased. Many have been hoping that low oil prices would boost oil demand. But the IEA, which monitors energy market trends for the world's richest nations, is predicting a slowdown because of global economic headwinds. Related: Janet Yellen says market turmoil and dollar could hurt economy Fed Chair Janet Yellen acknowledged Wednesday that the global economy is facing challenges, but reiterated the U.S. central bank's plan to gradually raise interest rates. Japan's central bank recently introduced negative interest rates in a bid to produce growth. China's central bank has spent hundreds of billions to prop up its currency and the European Central Bank could soon increase its stimulus program. http://money.cnn.com/2016/02/11/investing/oil-price-crash/index.html Lalasticlala do the needful please. 2 Likes 1 Share |
Re: Crude Oil Prices Fall To 13-year Low! by SHEEGO2015(m): 7:56pm On Feb 11, 2016 |
God help us |
Re: Crude Oil Prices Fall To 13-year Low! by 247notire(m): 7:56pm On Feb 11, 2016 |
By the time the budget of yams is finally passed, oil may have dropped to below $20 per barrel. How will the yams budget then be funded? I had to take this FTC space so one imp doesn't come here screaming FTC on this very sad thread. |
Re: Crude Oil Prices Fall To 13-year Low! by Flexherbal(m): 8:00pm On Feb 11, 2016 |
Forget oil, let us concentrate on agriculture. 1 Like |
Re: Crude Oil Prices Fall To 13-year Low! by Nobody: 8:29pm On Feb 11, 2016 |
Father, may your children neva go hungry.. Oil down till 2018 .. |
Re: Crude Oil Prices Fall To 13-year Low! by nnachukz(m): 8:47pm On Feb 11, 2016 |
Others are putting measures in place to protect their economy and boost it while our government is busy bringing in billions into the budget as Aso Rock house rent. Nepa bill can never replace even a first school leaving cert. Never! |
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