Oil just dived to another record low
The price of oil plunged to another historic low on Wednesday morning as global geopolitical tensions grow, the volatility of Chinese markets continues, and the global glut of oil gets even bigger.
Early in the day, Brent crude, the European benchmark, slipped as low as $35.54 per barrel - its lowest level in more than 11 years.
The price has recovered a little since then, but as of 9:55 a.m. GMT (4:45 a.m. ET) is still down more than 2%, sitting at $35.68 a barrel, just $0.15 above its earlier bottom. Here's what it looks like:
Investing.com
Right now geopolitical tensions are as high as they've been in a long time, and the oil markets do not like it at all. ISIS continues to threaten the West, North Korea just tested a mega bomb, and, most importantly for oil traders, tensions between Saudi Arabia and Iran are at an all-time high.
This follows the execution of a prominent Shiite cleric, which led to a severing of diplomatic ties between the two countries. Given the importance of both Saudi Arabia and Iran to the global oil markets, it's no great surprise that tension between them are spooking the markets.
Three days in, and the 2016 market horror show continues.
- Amid heatwave, Delhi's power demand soars to May's highest ever at 7,572 MW
- 84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey
- Go Digit IPO allotment – How to check allotment, GMP, listing date and more
- 10 breathtaking valleys to visit in India in 2024
- Following Rohit Sharma's accusation, IPL broadcaster Star Sports denies airing audio of any personal conversation
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market