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Cinnamon

Brent crude oil falls below $31 a barrel for 1st time since 2004

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A number of factors have combined to put pressure on global crude prices. Oil is dipping to decade-low levels amid overproduction and bad economic news from China, where poor prospects for manufacturing suggest that the leading oil-consuming country will not need as much crude as producers hoped.


Additionally, US crude oil exports have restarted last week for the first time in four decades after Washington lifted the 40-year ban.US stockpiles rose by 2 million barrels last week, according to a Bloomberg survey released before the Energy Information Administration report on Wednesday.

Iran is expected to launch its own oil benchmark in March as soon as international sanctions blocking exports are lifted.

“When you have a supply overhang, there’s going to be continued downward pressure on prices,” Ric Spooner, a chief analyst at CMC Markets in Sydney told Bloomberg.

“Investors are looking toward a difficult few months for oil, especially with Iran set to boost exports. We are likely to see production cuts at these prices, but they may take some months to come through.”

Saudi Arabia, the leading country in OPEC, is regarded by many as the main plotter of the crude price collapse. According to Russia’s Energy Minister Aleksandr Novak, Saudi Arabia has destabilized the crude market by increasing its oil output to the tune of 1.5 million barrels a day.

<snip>

https://www.rt.com/business/328595-brent-crude-oil-falling/

People are committing suicide due to layoffs in the oil industry, in Alberta Canada, they're up 30 percent, that was at the beginning of December 2015. 

https://www.rt.com/business/325078-alberta-suicide-rate-oil-prices/

I remember back in 2008 when people were killing themselves and their entire families over the economic crisis. The elite have sooo many ways to kill us off. 

 

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5 minutes ago, Cinnamon said:

A number of factors have combined to put pressure on global crude prices. Oil is dipping to decade-low levels amid overproduction and bad economic news from China, where poor prospects for manufacturing suggest that the leading oil-consuming country will not need as much crude as producers hoped.


Additionally, US crude oil exports have restarted last week for the first time in four decades after Washington lifted the 40-year ban.US stockpiles rose by 2 million barrels last week, according to a Bloomberg survey released before the Energy Information Administration report on Wednesday.

Iran is expected to launch its own oil benchmark in March as soon as international sanctions blocking exports are lifted.

“When you have a supply overhang, there’s going to be continued downward pressure on prices,” Ric Spooner, a chief analyst at CMC Markets in Sydney told Bloomberg.

“Investors are looking toward a difficult few months for oil, especially with Iran set to boost exports. We are likely to see production cuts at these prices, but they may take some months to come through.”

Saudi Arabia, the leading country in OPEC, is regarded by many as the main plotter of the crude price collapse. According to Russia’s Energy Minister Aleksandr Novak, Saudi Arabia has destabilized the crude market by increasing its oil output to the tune of 1.5 million barrels a day.

<snip>

https://www.rt.com/business/328595-brent-crude-oil-falling/

People are committing suicide due to layoffs in the oil industry, in Alberta Canada, they're up 30 percent, that was at the beginning of December 2015. 

https://www.rt.com/business/325078-alberta-suicide-rate-oil-prices/

I remember back in 2008 when people were killing themselves and their entire families over the economic crisis. The elite have sooo many ways to kill us off. 

 

im waiting for it to hit 23$ thats the signal i want.

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7 minutes ago, Ukshep said:

im waiting for it to hit 23$ thats the signal i want.

Strong dollar could send oil to $20

 

The strengthening U.S. dollar could send oil plunging to $20 per barrel.

That's the view of analysts at Morgan Stanley. In a report published Monday, they say a 5% increase in the value of the dollar against a basket of currencies could push oil down by between 10% and 25% -- which would mean prices falling by as much as $8 per barrel.

Crude oil prices are already trading at around $31, near their lowest levels in 12 years. Prices tumbled over 6% on Monday, and are 16% down so far this year.

Oil has dropped more than 65% since a peak 18 months ago. Analysts have attributed the slump to a global supply glut brought about by slowing demand and high production.

<snip>

http://money.cnn.com/2016/01/11/investing/oil-prices-strong-dollar/index.html?iid=surge-story-summary

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Just now, Cinnamon said:

Strong dollar could send oil to $20

 

The strengthening U.S. dollar could send oil plunging to $20 per barrel.

That's the view of analysts at Morgan Stanley. In a report published Monday, they say a 5% increase in the value of the dollar against a basket of currencies could push oil down by between 10% and 25% -- which would mean prices falling by as much as $8 per barrel.

Crude oil prices are already trading at around $31, near their lowest levels in 12 years. Prices tumbled over 6% on Monday, and are 16% down so far this year.

Oil has dropped more than 65% since a peak 18 months ago. Analysts have attributed the slump to a global supply glut brought about by slowing demand and high production.

<snip>

http://money.cnn.com/2016/01/11/investing/oil-prices-strong-dollar/index.html?iid=surge-story-summary

well, im also expecting a short rebound of the us markets.... that will shock many. but it will be short lived. But who knows what will really happen. Im looking for that 23$ a barrel mark as the time to get gone.....

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