Oil dips below $45 a barrel on OPEC comments
Global oil futures continued their slide, hitting another six-year low early Tuesday. The two global sweet crude benchmarks, Brent and West Texas Intermediate, both dropped below $45 a barrel, a low not seen since the Great Recession days of early 2009. Analysts blamed the new selloff on remarks by Suhail bin Mohammed al-Mazroui, oil minister of the United Arab Emirates, who said that OPEC would stay the course with its decision to not cut production and predicted that oil prices would eventually stabilize at $80 a barrel or lower. The markets shrugged off positive news from China, which imported a record amount of oil in December.
"We are still very much sentiment-driven and the sentiment will continue to be negative as long as there is no change in production," says oil analyst Thina Saltvedt at Nordea Bank Norge. "Oil is still piling up."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Bird flu worries mount as virus found in milk, cows
Speed Read The FDA found traces of the virus in pasteurized grocery store milk
By Peter Weber, The Week US Published
-
Palazzo Durazzo Suites in Genoa: a palatial gem in northern Italy
The Week Recommends Live your Italian dream in this astonishing and recently restored palace in the heart of the city
By Nick Hendry Published
-
Today's political cartoons - April 25, 2024
Cartoons Thursday's cartoons - TikTok in the firing line, protests on campus, and more
By The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published