Offshore Oil Stocks Being Sunk as Crude Hits a Multiyear Low
Crude oil is having one of its worst days in years. At this writing, both Brent and West Texas crude futures are down 8%, extending a two-week sell-off that has seen oil lose nearly one-quarter of its value.
Today's big drop is being driven by worries that an already oversupplied global oil market is only a few weeks away from becoming even more awash. Word is, Russia -- one of the countries that make up the "Plus" group of OPEC-Plus producing states -- is not willing to cut output. This comes one day after OPEC members agreed to cut 1 million daily barrels from their output, and had proposed that Russia and its counterparts cut another half-million, with Russia shouldering the majority of the reduction.
Today's news that the country isn't as willing to help stabilize oil markets is sending major shock waves through the markets.
Source Fool.com
