<< Read Full Article
...
<< Read Full Article
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.
|
|||||||||
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,328.89 | 1,102.47 | 2,211.69 | 35.46 |
Oil *
73.88
|
|
UP
20.63
|
UP
6.40
|
UP
31.64
|
UP
0.59
|
10 Yr
3.55%
SPDR Gold
108.95
|
|
+0.20%
|
+0.58%
|
+1.45%
|
+1.69%
|
Data delayed 20 minutes |
Connect with TheStreet