Last week, we saw the price of oil raise when prices shot to a three-week high based upon speculation of production cuts led by Russia. It turns out that was just a small bump on the commodity price ride.
Today, oil prices fell again – according to Bloomberg, WTI Crude Oil closed at $31.45, down 0.54% and Brent Crude Oil closed at $34.24, down 4.86%.
Oil reportedly "closed in the red for the first time in five days when a delegate for Persian Gulf OPEC members said an emergency meeting to discuss production cuts was 'pointless' and could 'backfire' in an attempt to raise prices." Nasdaq reported that this caused crude oil to lose all its gains achieved late last week.
The rollercoaster continues...today, CNBC reported that T. Boone Pickens predicts that "U.S. crude hit bottom at just above $26 per barrel, and based on history, prices should double within 12 months."
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