Crude Crashes 8% From OPEC “Cut Hope” Highs On Storage Concerns

(Before It's News)

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

zerohedge.com / by Tyler Durden / 02/16/2016 10:27

Hope for production cuts were dashed early on as producers agreed to no change from the record high levels of production January – which Barclays says means 1mm bpd excess supply at current levels. However, following a Genscape report suggesting a major 705k build in Cushing crude inventories, WTI just broke down to a $28 handle (down over 8.5% from overnight highs)…

SOURCE

The post Crude Crashes 8% From OPEC “Cut Hope” Highs On Storage Concerns appeared first on Silver For The People.

Thanks to BrotherJohnF

• Short Squeezes, Rumors And The Selling Stampede
• Terrorism and Gold
• ‘Unfixed’ Deutsche Bank Stock Slumps For 2nd Day
• SWOT Analysis: Central Banks Continue Gobbling Up Gold
• Neo’s Revenge – And We Are Neo!
• Gold Bullion Rallies from $1190 October High as Goldman Channels FDR, Inflation Slides
• Yats Is Out: Victoria Nuland’s Appointed Prime Minister Of Ukraine Is About To Replaced
• The Stock Market Will Determine Where Gold Goes in the Weeks Ahead (video)
• Somehow Dennis Gartman Made 1.6% In A Day When The Market Ripped Against Him
• TFMR: Preparing For What’s Next