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Oil Plunges to New Lows, But Rallies on OPEC Rumors

Oil Plunges to New Lows, But Rallies on OPEC Rumors

Oil prices sank to 13-year lows on Thursday as bearish forces took over. The comments from the head of the Federal Reserve on Wednesday reflected waning confidence in the health of the global economy, and crude oil stockpiles continue to stay at elevated levels. The downward pressure on oil was accentuated by the broader market sell off.

Bonds and gold surged as investors flocked to safety. The Dow Jones Industrial Average sank 1.6 percent.

Oil prices staged a brief rally on news that the UAE’s energy minister said that OPEC was ready to negotiate a coordinated production cut. But it is unclear if the minister was charting new territory or merely restating the group’s previous position. The minister went on to say that today’s low prices are not sustainable and that leaving things up to the market will result in the necessary adjustment, as higher cost producers have already been forced to cap production.

We have seen OPEC rumors move the market before, only to disappoint. OPEC production cuts should probably not be trusted until something much more concrete comes out.

By Charles Kennedy of Oilprice.com

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  • Inguss on February 14 2016 said:
    Just wait nine months or so. With Trumps new movie out to promote him, he'll surely get elected(2 wins in a row for the media then). Once elected he will build a wall, and bomb bomb bomb. What a stratigy. Maybe a wall isn't so lucrative after all. He will only have to defend the Atlantic and Pacific Oceans because Canadians will be busy defending the north on their own since Trudeau turned his back on the US over in the Middle East which will be blasted to smitherins. Then we can all wear the Trump brand..... after all he is known for his brand.
  • Alex on February 12 2016 said:
    Someone help me post these messages all over the sites.
    Start war in Saudi . Start war in Iran.
    Loosen some nuts in Saudi oil fields. This will bring OIL UP.
    Bring BUSH back to start the war. He can makeup some good stories.

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