Now this is a heck of a ride:
What’s the deal, you ask? All together now:
U.S. oil recorded its worst settlement since May 2003 on Wednesday, caught in a broad slump across world financial markets with traders also fearful that the crude supply glut could last longer.
U.S. benchmark West Texas Intermediate (WTI) prices for February delivery settled at $26.55 a barrel, down $1.91, or 6.71 percent, up slightly from an intraday low of $26.19, its weakest price since May 2003. The February contract expired Wednesday.
Brent futures fell by 91 cents to $27.87 a barrel, up slightly from a trough of $27.10.
Just to warn you all: if we get to the point where I can trade this blog for a barrel of oil, I’m out of here.
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