Oil Prices Plunge As Production Rises, Fueling Concern In OPEC -- Washington Post
The rollercoaster ride of oil prices is speeding downward, carrying with it bickering members of OPEC, anxious U.S. shale oil producers and a Russia that relies heavily on petroleum revenues.
With a weak global economy, the customary swing producer of oil — Saudi Arabia — has cut prices instead of cutting production, setting off a scramble on world markets. Crude oil prices have tumbled more than 23 percent since June, including a more than 4 percent drop Tuesday. Prices fell below four-year lows to wind up at $81.84 a barrel for the benchmark grade, West Texas Intermediate.
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More News On The Collapse Of Crude Oil Prices
Crude Crashing: Brent Is Most. Oversold. EVER -- Zero Hedge
Oil rout unrelenting, hits $86 on dim demand view, rising shale -- Reuters
Oil prices continue to slide on IEA report -- BBC
Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide -- Reuters
Bad News For U.S. Drillers As Saudis Signal No Cuts To Oil Output -- Forbes
Saudi billionaire Alwaleed warns over impact of falling oil price -- Financial Times
My Comment: The biggest impact on falling crude prices will be on these three countries .... How falling oil prices are squeezing Russia, Iran, and Saudi Arabia (Brad Plumer, VOX)