Oil bust inevitable

ryanator

Mathematical
Members
I was about to post some thoughts on all of this as WTI oil went to $10, but after an hour, it's now around $5. :oops:
The oilprice.com website is crashing as well.
 

ryanator

Mathematical
Members
It was expected that the oil price for WTI (US Shale quality) would dip low, the writing was on the wall after the Saudi's and pandemic hit. What we are seeing now is the trickle effect of that (lowering demand, full stockpiles), but the question is for how long and what's in store for the future. You can read all the expert opinions (because that's all it is), there will be some on the side of optimism and others pessimistic.
 

nodle

Cheesemonger
Administrator
@ryanator we are under $1 now

Oil prices tumbled Monday, with the U.S. crude futures contract plunging more than 50% to the lowest price on record, as investors worried about lack of storage and German and Japanese data indicated a bleak global economy.

West Texas Intermediate crude for May delivery tanked 98%, or $18.04, to trade at 19 cents per barrel, its lowest level on record.
 

nodle

Cheesemonger
Administrator
I see trump is trying to make oil go up again. Why? I have filled up here and my car only cost me $10 to fill it entirely and I had my gas light on. But that savings helps me spend it other places, stimulating the economy. Also since it's so low it will cause people to travel, therefore stimulating the economy as well.
 
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