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Home > OPEC Basket Crude Price Crashes Below $30 - Lowest Since 2004

OPEC Basket Crude Price Crashes Below $30 - Lowest Since 2004

By Tyler Durden
Created 01/07/2016 - 12:45
Tyler Durden's picture [1]
Submitted by Tyler Durden [1] on 01/07/2016 12:45 -0500



 

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...

[5]

 

and following the inclusion of Indonesia's crude oil price, OPEC's basket price is back below $30...

[6]

 

For the first time since April 2004...

[7]

Source: OPEC [8]

This won't end well.

 

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Source URL: http://www.zerohedge.com/news/2016-01-07/opec-basket-crude-price-crashes-below-30-lowest-2004

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[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/10861
[3] http://www.zerohedge.com/taxonomy_vtn/term/9127
[4] http://www.zerohedge.com/taxonomy_vtn/term/11806
[5] http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/01/20160107_opec.jpg
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[8] http://www.opec.org/opec_web/en/data_graphs/40.htm