Oil falls and falls...as Saudi makes price cutting a tactic in competition... investors read that as a glut in the market...Iran and Iraq are followers in kinked curve reaction. In oligopoly, cuts are competed with by cuts... So oil is further down.,. Countries like Oman where costs of extraction are high are likely to suffer.
If Saudi cuts prices to USA, Asia may have to pay for it as Asian demand for oil is relatively inelastic at the base. Countries like India are being hemmed in.
As ECB central bankers fight among themselves, there is room for policy paralysis for the day.
A day for the sellers?
If Saudi cuts prices to USA, Asia may have to pay for it as Asian demand for oil is relatively inelastic at the base. Countries like India are being hemmed in.
As ECB central bankers fight among themselves, there is room for policy paralysis for the day.
A day for the sellers?
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