Oil plunges back into bear market

The latest bear market — the second in less than seven months — underlines oil's notoriety as the ultimate boom-to-bust commodity. US oil prices tumbled 3.4% to $51.68 a barrel on Wednesday after a government report showed a sudden and unexpected spike in oil stockpiles. That leaves crude down 22% from its April 23 closing high of $66.30.America's refineries really need Mexican oil.

US oil prices began to plunge last month as trade war fears swept across Wall Street. Rising trade tensions with China and Mexico threaten to slow the global economy, denting demand for oil and other commodities. Interestingly, US oil prices continued to retreat the past two days — even as the stock market soared. "A weak macro backdrop started the oil selloff. Now, there are bearish oil stats coming out while stocks rally back," said Fitzmaurice.

I can bear it.

wait does this mean gas prices are dropping. i am not an economist but i am poor and my husband and i together drive well over 500 miles per week halp

When am going to see this at the pump ?! Mentirosos

So cnn Hopes....... TrumpDerangementSyndrome

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil prices rise on fall in U.S. crude stocks, but trade war worries cap gainsOil prices rose on Thursday after a bigger-than-expected decline in U.S. crude i...
Source: Reuters - 🏆 2. / 97 Read more »

Oil rises on declining U.S. crude stocks, but trade war worries lingerOil prices rose on Thursday after an industry report showed a bigger-than-expect... We are on a economic rollercoaster ride. My IRA is flat & back where it was when Trump took office. Under Obama I had slow but steady sustained gains for 5 years.
Source: Reuters - 🏆 2. / 97 Read more »

Oil prices fall on surprise U.S. stocks rise, Russia supply commentsOil prices resumed their slide on Wednesday, dragged down by an unexpected gain ... In third world countries like Pakistan the oil prices growing everyday because our Treasury is empty and government need more taxes to fill the Treasury so there is 200% tax on oil . htpp://bit.ly/2ERnyCk
Source: Reuters - 🏆 2. / 97 Read more »