UNITED STATES: ‘ NEW CRUDE OIL FLOODS MARKETS CAUSING GLOBAL OIL PRICES TO DIP ‘
#AceFinanceNews – UNITED STATES – October 13 – So why is this happening? Partly because the United States keeps producing more and more oil, but also partly because some conflict-ridden countries are starting to pick up production.
Libya, for one, is boosting its oil output after civil war and internal tensions had shut things down for a spell. Iraq’s oil sector is slowly recovering.
All that new crude is flooding the market, causing global prices to dip.
Meanwhile, potential economic slowdowns in both Germany and China are driving down forecasts for oil demand (and reducing prices further).