Oil Resumes Slide as Global Crude Oversupply Seen Persisting

[SocalDinar]

Oil Resumes Slide as Global Crude Oversupply Seen Persisting

 

Oil declined for the first time in three days, trimming a weekly advance, amid speculation a global surplus of crude will be prolonged.

Futures slid as much as 1 percent in New York. Output from Iraq, the second-biggest OPEC producer, exceeds 4 million barrels a day, Oil Minister Adel Abdul Mahdi said, according to Almada news website. U.S. crude stockpiles rose for a fifth week through Oct. 23, keeping supplies more than 100 million barrels above the five-year seasonal average, government data showed Wednesday.

Oil failed to sustain a gain above $50 a barrel earlier this month amid speculation a global glut will persist. The Organization of Petroleum Exporting Countries continues to pump above its quota and the International Energy Agency estimates the surplus will remain until at least the middle of 2016.

West Texas Intermediate for December delivery fell as much as 44 cents to $45.62 a barrel on the New York Mercantile Exchange and was at $45.64 at 10:07 a.m. Sydney time. The contract gained 12 cents to $46.06 on Thursday. The volume of all futures traded was about 63 percent below the 100-day average. Prices are up 2.4 percent this week and 1.3 percent higher for the month.

Brent for December settlement dropped 25 cents, or 0.5 percent, to $48.80 a barrel on the London-based ICE Futures Europe exchange on Thursday. The European benchmark crude ended the session at a premium of $2.74 to WTI.

http://www.bloomberg.com/news/articles/2015-10-29/oil-resumes-slide-as-global-crude-oversupply-seen-persisting

[Calijim1]

And gas is still over 2.50 a gallon in Komifornia. WTF!

[SocalDinar]

And gas is still over 2.50 a gallon in Komifornia. WTF!

Hey Calijim1

 

Arnold's global warming bill in 2010 is the reason.  The refiners here were exempt till first of this year from his "Save the World " Bill. On the first the refiners had to start paying and oil was dropping and dropping fast. Perfect timing for those a holes in Sacramento

So the refiners are paying approx 70 cents a gallon and of course they are passing it on to us and no one really knows about it.  if and when oil goes back up we will be paying $5.00 a gallon.

 

Call your Congressman and complain !! I do almost every day.

 

Pass the word