Oil Prices Ravaged By Financial Turmoil
Supply growth from the Permian looms large over oil prices
By Oilprice.com -- Nick Cunningham—— Bio and Archives--February 7, 2018
Global Warming-Energy-Environment | Comments | Back To Full Article
Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market.
The steady decline of the U.S. dollar has helped drive up crude prices for weeks, but that came to an abrupt halt last week. A rebound for the greenback led to a steep decline in oil prices on Friday.
At the same time, sudden turmoil in the broader financial system also bled over into the oil market. Volatility in the stock market flared up on Friday, sparking the sharpest single-day upheaval in years.
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