Why exactly is oil dropping so low? What are the reasons/events that are causing it to hit the pavement?
Bumping because why not.
google you fucking faggot
>>1038764
Cheers m80 :^)
>>1038757
Main reasons are over supply and low global growth (thus less oil is needed).
Also OPEC isn't cooperating to support oil price. Iran and SA broke off diplomatic relations which lowers the chance of OPEC doing anything. USA can export oil now (was banned until recently) which will also have some downwards pressure on oil prices
OPEC got greedy and now the market is correcting itself
>>1038757
Oil going lower in price because there is 1.5 million barrels per day more of supply than there is demand. The US dollar is gaining in value causing price of oil (in dollars) to drop. Oil producing countries have borrowed dollars against oil. If dollar goes up in value, they must pump more oil pay their debts. Thus more supply.
Places to store oil that isn't needed yet (above ground) are filling up fast. If more oil comes to market with no place t store it refiners will say "fuck you, oil producing people" and they won't answer the phone when called by sellers causing sellers to shart themselves in the office and they will compete with other sharted traders to sell oil at the lowest cost as fast as they can.
So......more oil than needed or can be stored. Hello $5.00/bbl.
>>1038757
It's low because the Saudis are pumping it out as much as possible.
Why?
To weaken ISIL, they get most of there money from oil sales via Turkey.
To Weaken Russia,.
To try and crowd out the US's fracing industry, stop it from developing enough infrastructure to stop the US from over taking SA as oil power No. 1.
Too much supply, not enough demand
Oil stores report comes out Thursday. Prepare for the great oil crash
>buy DRIP
