There's been a stealth drop in oil prices
The markets have been preoccupied with a flurry of political headlines over the last few months such as Brexit and the US presidential election.
But in the background of all this, there's been a stealth slump in oil prices.
Both WTI crude and Brent crude prices are currently at levels that were last seen around April's meeting of major oil producers in Doha, Qatar.
WTI crude prices have fallen nearly 18% since their early June peak of about $51.23 per barrel. Meanwhile, Brent prices have dropped by about 16% over the same time period. For what it's worth, a drop of over 20% is considered to be a bear market.
Around May, analysts attributed the surge in oil prices to various production outages, including attacks on infrastructure by the Niger Delta Avengers and the wildfires in Canada.
Anyway, here's where oil prices are as of 8:31 a.m. ET. WTI crude is trading around $42.09 per barrel:
And Brent crude is trading around $44.05 per barrel:
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- BenQ Zowie XL2546X review – Monitor for the serious gamers
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- 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