Last Friday Feb. 2, oil prices were right at $66 a barrel. In less than one week prices have plunged nearly $5 and will close around $60 a barrel today. Leaving many of us scratching our heads wondering what’s going to happen next.
Are the recent crazy swings in the stock market to blame? The Dow, which booked a record-breaking loss of 1,175 points Monday, has shed roughly 2,700 points since Friday amid a brisk retreat from all-time highs. Positive U.S. economic data, such as stronger wage growth and low unemployment, has raised Wall Street’s odds that Federal Reserve policymakers will raise interest rates faster than anticipated.
Keep Posted to Oilfield1 so we can keep you updated with the latest oilfield industry news!!!
Leave a Reply