Oil prices sink below $50 for 1st time this year
Megan Pendergrass/CNNMONEYNEW YORK (CNNMoney) – Here we go again: Crude oil is once again in selloff mode with prices sinking below the closely-watched $50 threshold.
Oil bulls won’t get any help from the resurgent U.S. shale oil boom either.
We just have too much crude oil,” said Darin Newsom, senior commodities analyst at DTN.
This breaks a period of relative stability in the oil patch since November, when OPEC reached a deal to cut production.
The oil weakness is rattling Wall Street a bit, just as the bull market in stocks celebrates its eighth anniversary.
collected by :Jack Alex