Russia, Saudi discussing how much should be cut and how fast
Oil prices swung sharply in trading today, dropping below $50/bbl for the first time in 14 months before rising to close up 2.25% on the day. WTI closed the day at $51.39/bbl, while Brent closed at $59.47/bbl.

Several factors have been weighing on oil prices, contributing to the largest one-month drop since 2008.

Supply is, once again, surging, as crude oil inventories in the U.S. have increased for the past ten weeks in a row. This build has added over 55 MMBBL to American inventories since mid-September, and stocks are now nearly even with 2017 levels. The staggered implementation of sanctions on Iran, with eight major countries receiving waivers, has also caused oil su...


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