U.S. crude prices dropped below $30 per barrel this week, triggering fear and loathing from traders concerned about a growing glut in the oil market — which has caused U.S. crude inventories to pitch skyward at historic rates.
The Organization of Petroleum Exporting Countries (OPEC) and Russia hope to hammer out a deal slowing production, which would hopefully lead to lower crude prices. But OPEC and analysts say oil producers should not hold their breaths.
Meanwhile, oil companies are pumping and selling for fewer dollars to compete for customers, the battle for supremacy in the crude markets will likely add heavily to the U.S.’s already bloated oil stockpiles.
This chart from Bloomberg shows that the country’s oil inventories have not been this high since Herbert Hoover fought The Great Depression.
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