Articles


  • 3 big reasons oil’s caught in a death spiral




    The bears are mauling the crude-oil market right now and they’re not done.

    Growing tensions between Saudi Arabia and Iran and the risk of disruptions to output in the region, attacks on Libya’s oil infrastructure—and now a huge weekly drop in U.S. crude inventories would normally be enough to spur a rally in oil prices.

    But these aren’t normal circumstances and oil prices have, instead, plunged every day so far in 2016.

    On Wednesday, Brent oil LCOG6, -2.86% —the international benchmark—and its U.S. counterpart West Texas Intermediate trading on the New York Mercantile Exchange CLG6, -2.65%  settled at their lowest levels in more than 11 years.

    Here are a few reasons why oil is cratering:

    1). Saudi Arabia and Iran go head-to-head
    The oil market initially rallied on Monday following news that Saudi Arabia had severed diplomatic ties with Iran. That climb was based on expectations that the conflict between the two big oil producers may disrupt production in the region.

    But oil prices finished lower Monday as traders began to realize that the tensions would complicate any moves toward cooperation to draw down the glut of global crude supplies.


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