Monday, April 18, 2016

Oil prices plunge 5% in wake of failed Doha deal

File:THE OIL DISTRICT, LOS ANGELES.jpg
Photo Courtesy of Wikimedia Commons

By Georgi Kantchev, MarketWatch

Crude-oil prices pared some losses in mid-Asia trade Monday after tumbling more than 6% in the opening hour following a failure of the key producers to agree on a production cap that could have tightened up the supply market.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $38.28 a barrel, down $2.08, or 5.2% in the Globex electronic session. June Brent   crude on London’s ICE Futures exchange fell $2.20, or 5.1%, to $40.92 a barrel.

The sharp decline in oil spilled over to regional stocks. Energy stocks in Hong Kong and Australia were all off about 2.8%, while the broader Hang Seng Index  and S&P/ASX 200 benchmarks  fell 1.2% and 0.3%, respectively.

READ THE ENTIRE ARTICLE FROM MARKETWATCH

Commentary by: Lynn Cheramie, Founder, Freedom Fighters of America

Freezing production would increase their revenues but hurt the workers and everyone down the food chain. So, the only people that benefit from a freeze are the people who need the money the least, THE GREEDY OWNER BASTARDS!

FREEDOM FIGHTERS OF AMERICA
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