The price for Brent Crude has dropped 5% in a single day.
This is the strongest signal we've seen that the global recession is getting significantly worse.
Pain is coming to the nation.
To the world.
Brent Crude is often viewed as the "global" benchmark for oil because so much of US oil production is consumed within the US.
A sudden fluctuation in Brent Crude pricing has global ramifications.
However, West Texas Intermediate -- the US Benchmark -- shows a similar percentage drop, with WTI maintaining its usual ~$5-7 discount from Brent.
This is a global recession, and there's not a country on Earth that is going to escape feeling the pinch.
Keep draining that strategic oil reserve, Biden. Unbelievable.
While tapping the SPR was not a good move, this latest dive in oil prices doesn't appear to be related to it.
According to the EIA, there have been no draws on the EIA since the start of 2023.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W
Pain is coming to the nation.
To the world.
Brent Crude is often viewed as the "global" benchmark for oil because so much of US oil production is consumed within the US.
A sudden fluctuation in Brent Crude pricing has global ramifications.
However, West Texas Intermediate -- the US Benchmark -- shows a similar percentage drop, with WTI maintaining its usual ~$5-7 discount from Brent.
This is a global recession, and there's not a country on Earth that is going to escape feeling the pinch.
Keep draining that strategic oil reserve, Biden. Unbelievable.
While tapping the SPR was not a good move, this latest dive in oil prices doesn't appear to be related to it.
According to the EIA, there have been no draws on the EIA since the start of 2023.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W