The price of crude oil is going down on every single day like a big piece of ice melting and going down the drain! There's nothing like that in life that I like better. I will laugh at all the idiots who bought 600K+ homes after only a year and and a half working for these stupid Downtown companies. A society which is based on fake price of not such an important commodity, deserve collapsing. Housing market is going to crash and other industries will suffer as well. No doubt that this City is in a catastrophic situation and needs it. Maybe that's how people stop from coming here and turning it to a big toilet it is now!
It's said that different factors play in this significant decline in crude price:
1- Saudi Arabia deliberately did not agree to reduce production in the recent OPEC meeting.
2- The US's production has gone up.
3- There's not much demand in the market. I wonder if it has to do anything with the weather which has not been cold in the past 10 days.
4- Stronger US dollar.
Good luck losers to get back on track! You're gonna suffer for long enough now!
(Photo: This chart shows the changes in crude price since Sep. this year which has been mostly downward. This is for West Texas Intermediate which is the benchmark for North America production, Mexican and Canadian price are normally way lower than this)