Price of Oil drops 27% in one day! Oil now at 30.07/bbl

submitted by magnora7 from finance.yahoo.com

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[–]magnora7[S] 6 insightful - 2 fun6 insightful - 1 fun7 insightful - 2 fun -  (1 child)

Holy cow that is huge volatility for oil.

And the market futures are showing the market may open down 5%. And all cryptocurrencies are at a big loss as well.

I think we're about to see a stock market crash here in about 6 hours. Hold on to your hats.

[–]HibikiBlack 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

That's just to show you that the Saudis are the real kings of the oil industry. Before Chavez came along Venezuela still had one of the most advanced oil industries in the world despite the fact that there was some corruption in the governement already. But at this point we've become almost irrelevant in the way prices are influenced, all because the Venezuelans originally running the oil industry were chased away by the regime.