Oil Prices Plummet.. Why And What Does It Mean?
I had mentioned previously that the decline in manufacturing in China has led to significant declines in oil consumption. This has led to a glut in the oil supply, leading to a reduction in oil prices.
Since beginning this article, Brent Crude oil prices have taken the steepest cut in history. Meaning since that benchmark was established in 1985.
A complex issue. Oil production and prices are a complex balance of cooperation and competition between oil producing countries. Too much oil produced leads to prices plummeting to…