Posted on 12/15/2014 9:46:50 AM PST by John W
NEW YORK (TheStreet) -- OPEC doubled-down on its commitment to current levels of oil production, triggering a fresh selloff in crude prices on Monday. The fall in commodities alongside nerves heading into the Federal Reserve meeting Tuesday pulled stocks lower to start the week.
Crude oil prices were falling again after secretary general of OPEC, Abdallah Salem el-Badri, said the oil cartel had not set a fixed oil-price target. Separately, United Arab Emirates oil minister Suhail Al-Mazrouei said the group would stick to production levels even if oil falls to $40 a barrel.
(Excerpt) Read more at thestreet.com ...
And as Congress passes huge spending bill.
“Tumble” and “Free-fall” are not quite accurate. “Slightly down in midday trading” is far more accurate, but not nearly as dramatic.
Will they sell the excess to the EU? I'd say it's all about storage capabilities right now.
Obomination continues his unswerving drive to both corner and propel Putin into an action borne both of anger and desperation...is this one of the “hooks” that God will use to drag Russia down to Israel—to capture the Middle East oil and deliver Israel to its Arab enemies?
I don’t watch the business channel chatter during the day and so on, but the story I’ve heard is that the oil sheikhs are driving the oil price down to destroy the fracking industry in this country.
The fracking companies are invested in “high yield bonds” which are falling in value and I was advised to cut back on any investment I may have in those bonds as a result.
Or are they attempting to cause an overthrow of Iran who is on the verge of becoming a Nuclear State?
The fracking business can get back up and running faster than the business sector began.
In the short term, I also think the more sane Arab OPEC members are attempting to starve ISIS of financial resources. Without money, ISIS will be defeated in the not too distant future; and ISIS has been the biggest threat to the Saudis.
If what you say is true is Israel in on it working with the Saudis in desperation to preempt any Obama nuclear deal with the Iranians that would be threaten their security?
Venezuela is definitely going to feel more pain that it already has under Communist rule...
Russia may survive (thanks to that US$400 billion 30-year deal with China to develop eastern Siberian petroleum resources), but Iran and Venezuela may not.
This will really rip the state of the vainglorious Putininstan (formerly known as Russia and now a full blown third world country) and Iran.
I’m curious why the market is falling, since lower oil prices are good for most other businesses.
And it fell in 2008 when oil/gas skyrocketed, didn’t it? of course there was more going on at that time as well.
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