When prices plummet as fast as they have been doing so recenly there are always consequences and we are starting to see that. It also means that when prices finally bottom we should see prices in crude spike back hard.
OPEC Secretary-General Abdullah al-Badri said that a bottom in oil may be near and high level rumors of meetings between OPEC and Non-OPEC members are creating speculation that there may be some type of agreement in the works to curtail production.
Russia gets a downgrade to junk and UK growth misses expectations as the Obama administration once again moves against the U.S. energy revival while continuing to take credit for the crude oil revolution that President Obama opposes.
Crude oil fell after Iraq said it’s producing a record amount of crude. Swiss stocks rebounded from a one-year low and the franc weakened, while Chinese shares tumbled the most in six years as regulators cracked down on margin lending.