Energy Education Series
On Wednesday, the Organization of Petroleum Exporting Countries announced a crude oil production cut of 2.46 million barrels per day starting Jan. 1, targeting a return to $75-per-barrel oil. World oil markets were unimpressed, continuing to sell off.
Oil stockpiles in Cushing, Okla., jumped 21% to 27.5 million barrels in one week, the largest volume increase since May 2007. The facility could reach full capacity in a few weeks, according to Barclays Capital analyst Paul Horsnell. At Thursday's closing spot price of $36.22 per barrel, West Texas Intermediate Cushing Crude oil has tumbled 24.5% in a week and 75.2% since its July 2008 peak of $146.30 a barrel.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
|
|
DOWN
26.41 |
DOWN
2.99 |
DOWN
10.02 |
DOWN
0.44 |
10 Yr
1.58%
SPDR Gold
151.62
|
|
-0.21%
|
-0.23%
|
-0.35%
|
-2.71%
|
Data delayed 20 minutes |
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