With WTI trading with a $32 handle, collapsing below December 2008’s $32.40 lows briefly overnight, OPEC’s broad basket price for crude has also reached a worrisome milestone. Amid Saudi price cuts to Europe, the basket price was set at $29.71 today – the first print below $30 since April 2004.
WTI broke 2008 lows overnight… and then ran stops to overnight highs…
and following the inclusion of Indonesia’s crude oil price, OPEC’s basket price is back below $30…
For the first time since April 2004…
This won’t end well.
http://www.zerohedge.com/news/2016-01-07/opec-basket-crude-price-crashes-below-30-lowest-2004
If prices stay low and the corrupt evil Saudi Government is overthrown I call that a win.