Oil Plunges to $32-Handle, Chinese Stocks Crash and Are Halted, Whiff of Mayhem Breaks Out
by Wolf Richter
Wolf Street
Why Oil Keeps Falling off the Chart
After having been through the greatest two-year loss on record, the price of oil plunged 9.6% on Wednesday and in evening trading. As I’m writing this, WTI hit $32.62 a barrel, a new low since the desperate depth of the Financial Crisis, when it very briefly kissed $30.28 a barrel on December 23, 2008, before bouncing off sharply.
This time, it’s serious. Brent, the global benchmark, has crashed to $32.75, an 11-year low. This isn’t a quick scare that happens during a Financial Crisis. It’s the result of a persistently growing glut.
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Source: http://financialsurvivalnetwork.com/2016/01/oil-plunges-to-32-handle-chinese-stocks-crash-and-are-halted-whiff-of-mayhem-breaks-out/?utm_source=rss&utm_medium=rss&utm_campaign=oil-plunges-to-32-handle-chinese-stocks-crash-and-are-halted-whiff-of-
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