According to CNNMoney:
NEW YORK (CNNMoney.com) — The plunge in oil prices continued Thursday with prices falling below $50 a barrel as growing concern about the economy weighed on demand.
In the final day of trading for the December contract, U.S. crude futures fell $3.35 to $50.27 a barrel in electronic trading, but not before dipping as low as $49.91.
Oil last dipped below $50 on Jan. 18, 2007, when it traded at $49.90, according to CME Group, which operates the New York Mercantile Exchange.
Read the full article at CNNMoney
- Hold your breath everyone, it’s coming faster then I can imagine. The worst is not yet over, the price may fall further if it breaks the support once more.
Unless there are some kind of chaos to begin….hyper deflation may set in instead. This may be good for some but bad for many filthy rich corporation suddenly found themselves in the lower income bracket or worst.
This may be the beginning of the oil shortage unless the world prints free money to support the oil market as “investment” otherwise it WILL not be profitable to continue extracting oil anymore from non-conventional source like deep sea drill rigs, tar sands and other hard to refine heavy oil.
We may not worry about it now but the ripple effects coming fast and hard…be very careful out there!
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