Actually I do. We know what’s behind this drop so we know when the uncertainty over the outbreak is over the markets will quickly recover
You should read the news.
I do, that’s why I’m not the least bit panicked.
The drop wasn’t due to the outbreak, oh wise one.
Of course it is. Due to the outbreak demand has dropped.
You should really read the news. It’s embarrassing.
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Of course you dont know that…eventually the anrktet will go back up…but it may or may not for awhile or even after this crisis…
Repeating it doesn’t make the statement any more valid. It just demonstrates you have nothing else to say.
So you still don’t know why the price dropped today, do you?
Yes I do.
Hide and watch.
https://www.usnews.com/news/business/articles/2020-02-13/virus-outbreak-blamed-for-forecast-fall-in-oil-demand
Demand has been dropping due to the outbreak. Russia and Opec got in a pissing contest over an agreement to curb production which caused it to fall even further.
without the outbreak the crude market was oversupplied and opec along with russia were limiting production to reduce the oversupply
now not only arent they reducing production they are turning the spigots on to full. SA announced they may produce an additional 2m barrels a day.
that would crater prices even without the outbreak,
now throw in the huge demand drop and the downward spiral gets worse
Why would I hide?
The falling price is concurrent with the outbreak.
Over 2/3 of the drop is due to the implosion of the OPEC Russian alliance.
You have no basis for stating that will be resolved, much less other issues from demand.
The cause of that implosion was the falling prices over reduced demand.
This began with the outbreak and when it’s over or at least under control as demand rises again so will the price.
Virus Outbreak Blamed for Forecast Fall in Oil Demand
So like I said, pure speculation.
Repeating it won’t make it true, it simply shows you have nothing else.
Interesting oil hit $26.16 on the WTI in January of 2016 and the market wasn’t crashing 1000 points a day. A lot less of freak then than today out when even after the 26% plunge it’s at $30.5. Some of this is starting to feel a wee bit over panicked.
On the plus side some tech stocks that I was waiting for a pullback are starting to get attractive buying levels.
Try finding news that is actually current and accounts for the implosion of the OPEC Russian alliance.
