Oil prices slump to their lowest level of 2018 even as OPEC considers cuts
Source: msn.com
Oil prices slumped to their lowest levels of 2018 Friday, ramping up the pressure on OPEC ahead of a much-anticipated meeting between the influential oil cartel and its allied partners in early December.
The latest wave of energy market selling comes amid escalating concerns about an increase in global supply and a slowdown in economic growth.
The value of a barrel of oil has tumbled approximately 20 percent since the start of the month, adding to a seven-week streak of consecutive losses. It has been one of the biggest declines in crude futures since a price collapse in 2014.
On Wednesday, the U.S. president publicly thanked Riyadh for helping to keep a lid on oil prices — but again called on the de-facto leader of OPEC to push prices even lower over the coming months.
Read more: https://www.msn.com/en-us/money/markets/oil-prices-slump-to-their-lowest-level-of-2018-even-as-opec-considers-cuts/ar-BBQ1gjC
Trump is a confused soul. Check that - he has no soul.
What I mean is, he says wants to help the oil industry in the US. But, lower oil prices puts American oil out of business. There was advertising by all sorts of right-leaning groups here in California against ballot propositions that would limit fracking and oil extraction here in favor of renewable energy. One of their talking points is that we have to continue to produce oil here so we don't have to import from Saudi Arabia.
But, now, the cons' figurehead wants the Arab states to keep oil prices low - which will put American oil out of business and will require we import from the middle east.
Republicans are so fucked up in their reasoning that I can't even figure it out.
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