Oil Falls Below $27.... - Politics - Nairaland
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| Oil Falls Below $27.... by Nobody: 7:52pm On Jan 20, 2016 |
U.S. oil prices crashed to below $27 dollars on Wednesday for the first time since 2003, caught in a broad slump across world financial markets with traders also fearful that the crude supply glut could last longer. The slide of more than 25 percent in oil prices so far this year has piled more pain on oil drillers and producing nations alike, yet they continue to pump more oil into an oversupplied market. A Venezuelan request for an emergency OPEC meeting to discuss steps to prop up prices did not stem declines. Other delegates dismissed the idea, and previous requests from Caracas have led nowhere. "You need the low price to slow down shale much faster," said Bjarne Schieldrop, chief commodities analyst with SEB in Oslo. He added that a "very broad-based sell-off across assets and across the world" amplified pressure on oil prices. U.S. crude for February deliver, which expires at the end of the day, fell $1.45 to $27.01 per barrel, a 5.1 percent loss, by 11:20AM EST (16:20 GMT). It hit a low of $26.85. Brent futures for March delivery fell $1.16 to $27.60 a barrel, a 4 percent loss. The spread between the two benchmarks narrowed to 61 cents. World equities sank to their lowest level since 2013, and the index's fall so far in January is already 9.9 percent, the biggest drop since 2009. http://www.reuters.com/article/us-global-oil-idUSKCN0UY04U |
| Re: Oil Falls Below $27.... by Nobody: 7:55pm On Jan 20, 2016 |
He should keep going down abeg.... Until one painter of cashew will cost the price of 1 barrel of oil in dollars. |
| Re: Oil Falls Below $27.... by Nobody: 8:03pm On Jan 20, 2016 |
Can we get it to $0.99 a barrel, please? 4 Likes 2 Shares
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| Re: Oil Falls Below $27.... by Cutehector(m): 8:05pm On Jan 20, 2016 |
London Bridge is falling down 1 Like |
| Re: Oil Falls Below $27.... by Pidggin(f): 8:06pm On Jan 20, 2016 |
The pump price should also be reduced, but we are still paying at 50kobo less than what it was before May 29th |
| Re: Oil Falls Below $27.... by tarano: 8:09pm On Jan 20, 2016 |
US crude falls towards $26 ahead of contract expiry. http://www.cnbc.com/2016/01/19/oil-prices-fall-further-on-glut-worries-us-crude-slumps-below-28.html |
| Re: Oil Falls Below $27.... by 2boiz(m): 8:13pm On Jan 20, 2016 |
Lobatan  |
| Re: Oil Falls Below $27.... by Nobody: 8:16pm On Jan 20, 2016 |
Jonathan sef |
| Re: Oil Falls Below $27.... by Onyejiuwaokoh: 8:18pm On Jan 20, 2016 |
Let the falling price reflect here in Nigeria, we are still buying it at previous price. Oil price has fallen below 400%, FG should allow us to get it not more than 10naira. 1 Like |
| Re: Oil Falls Below $27.... by iokpebholo: 8:23pm On Jan 20, 2016 |
God abeg make d price drop down to at least $5 per barrel so dt our govt go get sense diversify in Jesus name,Amen 1 Like |
| Re: Oil Falls Below $27.... by ril19(m): 8:28pm On Jan 20, 2016 |
hehe....still counting down to $1 per barrel. naija in trouble.  3 Likes |
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