>>1038757 Main reasons are over supply and low global growth (thus less oil is needed). Also OPEC isn't cooperating to support oil price. Iran and SA broke off diplomatic relations which lowers the chance of OPEC doing anything. USA can export oil now (was banned until recently) which will also have some downwards pressure on oil prices
>>1038757 Oil going lower in price because there is 1.5 million barrels per day more of supply than there is demand. The US dollar is gaining in value causing price of oil (in dollars) to drop. Oil producing countries have borrowed dollars against oil. If dollar goes up in value, they must pump more oil pay their debts. Thus more supply.
Places to store oil that isn't needed yet (above ground) are filling up fast. If more oil comes to market with no place t store it refiners will say "fuck you, oil producing people" and they won't answer the phone when called by sellers causing sellers to shart themselves in the office and they will compete with other sharted traders to sell oil at the lowest cost as fast as they can.
So......more oil than needed or can be stored. Hello $5.00/bbl.
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