Oil plunges as Saudis vow to produce as much as they can
Oil fell to the lowest level since August after Saudi Arabia pledged to meet any supply shortfall that materializes from Iranian sanctions and as tumbling equities weakened sentiment.
International benchmark Brent crude fell by $3.70 a barrel, down 4.6 percent, to $76.13. The contract earlier touched $75.88, its lowest level since Sept. 7.
U.S. light crude ended $2.93, or 4.2 percent, to $66.43 a barrel, after earlier hitting a two-month low at $65.74. The contract posted its biggest daily loss since July 11, when it fell 5 percent.
Saudi Arabia, the world’s biggest oil exporter, has boosted production to 10.7 million barrels a day and is nearing an all-time high. Saudi Energy Minister Khalid Al-Falih said OPEC and its allies are in “produce as much as you can mode."
https://www.msn.com/en-us/money/markets/oil-plunges-5-percent-as-saudis-vow-to-produce-as-much-as-they-can/ar-BBOLpQd?li=BBnbfcN
= new reply since forum marked as read
Last edited Tue Oct 23, 2018, 06:40 PM - Edit history (1)
The Saudi prince told trump he wasn't going to put out more oil last month. Only a day or two after Jamal Khashoggi was killed, and the shit hit the fan, oil started dropping almost everyday, and trump started defending the prince who was behind it. Just a coincident I guess! 
