4 Oil Stocks Crashing on the Saudis' Push to Pump More Oil
Saudi Arabia is raising the stakes even further in its plan to upend the global distribution of oil production, with the latest news over the weekend that the country was planning to further increase its oil output in May, adding 600,000 barrels to its planned massive 43% increase in exports starting on April 1.
At this writing, Brent crude futures are down 10.3% to $22.37 per barrel, while U.S. crude prices have fallen below $20. West Texas crude futures are down 7.3% and threatening to fall to the lowest levels in more than 20 years.
And this has stocks across various subsectors of the energy industry falling sharply:
Source Fool.com
