WTI Tumbles To 29-Month Lows After Saudi Price Cut | Zero Hedge.
After initially jerking higher after Saudi Arabia released its new ‘lower-prices-for-the-US’ strategy, it appears the market began to realize that in fact – as we warned – Saudi Arabia may be willing to accept prices “lower for longer.” WTI futures are trading below $78.50 – the lowest since June 2012 (and its dragging Trannies lower today)…
As Bloomberg reports, confirming our note over the weekend,
Saudi Arabia, the world’s biggest oil exporter, is telling the market it won’t cut output to lift crude back to $100 a barrel and that prices must fall further before it does so, according to consultant FACTS Global Energy.
…click on the above link to read the rest of the article…
