August 09, 2019
SLIDING — The price of oil is sliding precipitously as markets have decided there is too much oil sloshing around despite the disappearance of so much Iranian and Venezuelan oil. US stocks of crude oil rose last week, although a decrease had been expected. Unsold gasoline on the US Gulf Coast set a record for this time of year. A slowing Chinese economy and Brexit anxieties add to the worries and point to further slippage in the price. The price first fell below the $60 mark on August 6.