Are falling crude oil prices a good or bad thing? The Saudi oil price war is raising those questions as they cut the selling price to Asia and say they think oil will stabilize at $60 a barrel which may become a self-fulfilling prophecy.
To have a more complete picture of the current situation in the oil market, we take a look at the charts from different time perspectives. Additionally, we explore how it relates to oil stocks and the oil-gold link.
A sprinkle of optimism coming from Europe coupled with some early corporate earnings reports that came in better than expected was enough to send the equity markets into a decent one day rally that spread to the oil sector.