NEW YORK ( TheStreet) -- Oil is tanking, down $5 today, while Brent is down more than 8 bucks -- what is going on here?Two major events have led to this flight from the oil trade -- first, Fed Chairman Ben Bernanke's warning of a "slowing pace of recovery," which is the warning signal that oil relies upon. Second is the announcement by the International Energy Agency that in concert with the United States, there will be a release of 60 million barrels from the Strategic Petroleum Reserve to make up for Libyan shortfalls. This release of supply will occur in the next month.
Sinking Oil Prices Create a Buy Opportunity
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.