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Oil prices seem to have bottomed out as countries run out of places to store it. With demand bottoming out and a continuing increase in supply, here is exactly what’s happening in the markets.
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A dramatic set of meetings starting Thursday and ending Sunday ended the oil conflict between Saudi Arabia and Russia. This debate included several twists and turns including a dramatic refusal by Mexico to implement the requested cuts. This is exactly what was just agreed to and the debate to get to those terms.
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After a failed OPEC meeting designed to limit supplies in response to shrinking demand, oil prices have hit new lows. So, what the heck happened?
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