Prices had one of their worst days of the year on Friday of last week and drifted marginally lower again on Monday of this week, stabilizing some on Tuesday. Friday’s pounding came because Saudi Arabia announced it would not participate in the oil supply freeze that it negotiated with Russia since Iran is not going to join the freeze….
Saudi Deputy Crown Prince, Bin Salman, said Saudi Arabia was ready to face a prolonged period of low oil prices.
The winds and clouds that are bringing the perfect storm against oil prices from three fronts are all growing stronger….
This problem is NOT going away until lower prices finish the job of flushing away the weakest competitors as a way of reducing supply to match current demand.
Full article: Perfect Storm for Oil Started on Schedule and Continues to Build (TruNews)