Oil Falls Again on Saudi Plans to Increase Crude Exports 43%
Crude oil prices fell further on March 17. West Texas crude futures are on track to close down 6.6%, while the global benchmark Brent is down 4%. If current prices hold through close, this will mark the first time Brent futures finished trading below $30 per barrel in more than six years.
Today's sell-off, the next step down in a two-month period that's seen oil prices fall almost 60% since early January, was the result of word that Saudi Arabia is planning even more aggressive actions to reestablish itself as the 800 pound gorilla in global oil.
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Source Fool.com