Monday, December 22, 2014

$60 Oil, OPEC, US Shale

Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg: "...“At $60 you start to price out a lot of critical mass production around the world,” said Marina Petroleka, an analyst at Business Monitor International, a unit of Fitch Group. “U.S. shale, deep water in the Gulf of Mexico is affected. It doesn’t price out a lot of Middle East OPEC supply.” Brent crude, the global benchmark, slumped as low as $69.78 a barrel yesterday, the lowest since May 2010. West Texas Intermediate fell to the lowest since 2009. The price floor is now at about $60 a barrel or even less, according to firms including Deutsche Bank AG, BNP Paribas SA and Petromatrix GmbH...."

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