The Traderszone Network

Published in TZ Latest News 31 December, 2015 by The TZ Newswire Staff

Why Oil Prices Could Really Collapse to $20 a Barrel in 2016

Crude oil prices are tumbled 2.9 percent Wednesday to close at $36.76 a barrel after inventory data released Tuesday afternoon showed a stockpile build of 2.9 million barrels, far ahead of expectations. Adding additional pressure were comments from Saudi Arabia’s energy minister that his country’s oil output strategy is “reliable” and won’t be changed. A repeat in early 2016 could well push crude oil to fresh closing lows not seen since the early 2000s.