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Economy
Oil down 9% past month, heading toward $70/barrel
2014-11-27
Oil prices hit a four-year low on Thursday
North Sea Oil at ~$75, West Texas Intermediate at ~$72 before markets open
as hopes for an OPEC agreement on the first production cut since the financial crisis grew smaller.

Saudia Arabia, the largest among OPEC members, hinted it would not vote for the cut in output -- in a bid to retain market share and hold off competition from U.S. shale production.

$70/barrel if sustained would mean gasoline at $2.50 to $2.70 for most of USA
And, as commented here the other day, most of the small producers in the U.S. are hedged through 2015, presumably allowing for continued domestic production while an orderly slowdown is arranged.
Posted by:lord garth

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Posted by: Anguper Hupomosing9418    2014-11-27 09:51  

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