Oil Hits New Low, Below $33

After a short rally around the end of the year, oil has fallen below $33, a worrisome signal of global demand

Bloomberg: Crude oil fell below $33 a barrel in New York as the strengthening dollar reduced the appeal of commodity investments at a time when demand is declining and stockpiles are rising.

At Cushing, Oklahoma, where the benchmark for New York futures is stored, inventories have climbed to 33 million barrels, the highest since records started four years ago. The February contract will cease trading today, so traders have to sell futures or accept the barrels at a time of falling demand.

Obviously it’s those nefarious short sellers.

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