U.S. oil is now flowing unfettered to Europe for the first time, “so it’s a battle royale.”
Markets | Wed Jan 20, 2016: 3:29pm EST: New York
U.S. oil prices crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets with traders also worried that the crude supply glut could last longer.
Oil has fallen more than 25 percent so far this year, the steepest such slide since the financial crisis, piling more pain on oil drillers and producing nations alike. Yet they keep pumping more oil into an oversupplied market.