Oil Takes a Tumble
Oil’s not exactly feeling the love this morning—it slumped more than 7% last night, sinking to two‑week lows that make even the most seasoned traders wince.
Crude Prices Are In the Grim Reaper’s Court
- Brent Crude is now trading at only $29.18 per barrel, a sharp 1.5% drop in the early London session.
- US West Texas Intermediate (WTI) is inching back up toward the $20 mark.
- Both have already shed more than half of their value since the start of the year—talk about a financial roller coaster.
Why the Slick Shake‑Up?
Daniel Hynes, an analyst at Australia & New Zealand Banking Group, spilled the tea: “It’s a demand‑driven market right now. Lockdowns world‑wide are still keeping the demand under pressure. Prices are likely to stay pretty volatile.”
So, unless your oil inventory stays as flat as a pancake, you better brace the ups and downs.
