Crude oil is falling.
Again, or still, depending on how you look at it.
In afternoon trade on Thursday, crude oil prices were down almost another 2.8% to below $US75 a barrel, another multiyear low for the commodity, which is now down about 30% from its highs hit this summer.
Earlier on Thursday, oil tumbled below $US76 for the first time since 2011.
As the price of oil has declined, analysts have begun talking about what the breakeven price is for some oil producers, particularly in the US, as the recent rebound in capital spending has come in large part from increased investment from US energy companies.
Wood Mackenzie has estimated that the US will start to see supply disruptions if prices breach the $US70 level, and in a recent note to clients, economists at Capital Economics expect oil to hit this level by the end of 2016, four years earlier than the firm had previously expected.
On the other hand, many have argued that declining oil prices will be a boon for US consumers, especially ahead of the holiday shopping season, as consumers will now be forced to spend less money on gas and will potentially spend more money on discretionary items.
Here’s the chart of oil’s decline over the past couple of weeks.
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