Breaking News Crude prices at 12 year low
- Thread starter scorpionking76
- Start date
scorpionking76
EntMnt Knight
Corrected
Technoglitch
Core Member
A brutal new year selloff in oil markets deepened on Monday, with prices plunging more than 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude into the $20s.
On Monday, China's blue-chip stocks fell by another 5 percent and overnight interest rates for the yuan outside of China soared to nearly 40 percent, their highest since the launch of the offshore market.
Morgan Stanley warned that a further devaluation of the yuan could send oil prices spiraling lower still, extending the year's nearly 15 percent slide.
While China's ructions are spooking traders over the outlook for demand from the world's No. 2 consumer, drillers in the United States say they are focused are keeping their wells running as long as possible, despite the slump, executives told a Goldman Sachs conference last week.
US oil settles down $1.75, or 5.28%, at $31.41 a barrel
scorpionking76
EntMnt Knight
There are rumors that crude may slip further down to $ 20.00
IndianMascot
Core Member
How this is going to impact us. Will it really be in our favour ?
bro..... excess of everything is bad. ati har cheez ki buri hoti h.
if crude prices will be on the lower side for long then all emerging markets economy (like india, china) will hit.
at present scenario, it is the biggest concern for all of us.
IndianMascot
Core Member
Humm. Then this downfall needs balance by using surcharge.
bro... indian govt. doing it that is y in india oil prices did not fall as ideally it shud have been.
but on a global level it will impact all over the world n emerging markets will be on the dangerous side.
as we r in india where govt. wakes up late. hamari govt. jagegi jab sab khatam hone wala hoga.