Crude Crashes 8% From OPEC “Cut Hope” Highs On Storage Concerns

by Tyler Durden
ZeroHedge.com
02/16/2016

Hope for production cuts were dashed early on as producers agreed to no change from the record high levels of production January – which Barclays says means 1mm bpd excess supply at current levels. However, following a Genscape report suggesting a major 705k build in Cushing crude inventories, WTI just broke down to a $28 handle (down over 8.5% from overnight highs)…

The Rest…HERE

This entry was posted on Tuesday, February 16th, 2016 at 12:37 pm and is filed under Economics, Oil. You can follow any responses to this entry through the RSS 2.0 feed.