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Oil prices tumble as demand slackens and OPEC talks fail to decrease production

Oil prices tumble as demand slackens and OPEC talks fail to decrease production

Crude oil prices declined 30% since the beginning of 2020. OPEC met this week but failed to gain commitments from oil producing nations to coordinate a cut to the number of barrels per day being produced. Russia refused to participate. Declining demand is exacerbated by a decline in industry, travel and shipping caused by the COVID-19 virus. Prices tumbled Friday to just over $40 a barrel.

kelley
kelley
Jim Boi
Jim Boi 8 months

Cheap gas! Hooray!

Alasdair McC
Alasdair McC 7 months

Oil prices rise, instant price jump at the pump. Oil prices fall, pump prices stay the same..

david dindu
david dindu 8 months

still 3.50 herr in cali....

Emperor Tito
Emperor Tito 8 months

Hooray. OPEC is fucking with the oil prices again.

Devon
Devon 8 months

This is basically how it starts, oil prices drop, Elon musk gets kashoggied and oil prices go up again

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