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Oil Plunges To $28 Cycle Lows As Iran Supply Looms, Stocks Slide

Oil Plunges To $28 Cycle Lows As Iran Supply Looms, Stocks Slide

February WTI Crude futures have plunged to new cycle lows at $28.60 (down 2.7%) as Iran supply looms over an already over-glutted global crude market. Brent is down even more (-3.7%). Dow futures are down 60 points at the open.

  • *WTI OIL FALLS AS MUCH AS 2.7%, BRENT CRUDE DROPS 3.7%

Feb futures (which have just rolled) are under $29…

And the new on the run March contract is trading $29.60, down 2.6%…

Weighing on US equities… Dow futures down 65 points

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