Oil sinks as Trump sticks by Saudis after killing of journalist

[Yo_Mama_Been_Loggin]

Oil prices plummeted Tuesday, snapping four days of gains and renewing a sell-off that has plunged crude futures into bear market.

Crude futures fell to session lows after President Donald Trump issued a statement saying the United States stands by Saudi Arabia after the slaying last month of journalist and U.S. resident Jamal Khashoggi by Saudi agents.

Brent crude dropped $4, or 6 percent, to $62.79 a barrel. The international benchmark for oil prices hit a fresh eight-month low on Tuesday.

U.S. West Texas Intermediate (WTI) plunged more than 6 percent to $53.63, its lowest level going back to October 2017. The contract last traded at $54.14, down $3.06, or 5.4 percent.

The renewed selling in the energy complex dovetailed with a sharp pullback in the stock market. The Dow Jones Industrial Average was down more than 450 points, after posting a nearly 400-point loss in the previous session.

https://www.msn.com/en-us/money/markets/oil-sinks-as-trump-sticks-by-saudis-after-killing-of-journalist/ar-BBPVaNb

[Turbineguy]

1. We are now on the other side of the curve

where the low price does more harm to the larger economy than is saved at the pump by consumers.