Oil Demand Could Fall the Equivalent of Saudi Arabia AND Russia's Production: What It Means for Oil Stocks
2020 has been one of the worst years for oil that most people have experienced. Since oil prices peaked in early January, West Texas crude futures have fallen 70%, and are threatening to fall below $20 for the first time in almost two decades. We are one bad day away from U.S. crude prices being at the lowest levels since the 1990s.
This sharp, hard drop is largely due to Saudi Arabia going to war over oil against Russia and U.S. producers, with a full-out attack to flood the world with crude and drive prices down for a sustained period of time.
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Source Fool.com
