Crude Oil Price
Makes 8 Month Low Overnight
There was no physical reason for crude oil prices to drop more than $1.70 barrel over night. The decline was caused by respected people and organizations saying the world economy will be using less crude oil early in 2023 because of the gloom and doom economic outlook.
We still have a war in Europe, hurricanes in the Gulf, a growing US economy (based on Friday's PMI), all time high electric and natural gas prices in Europe and relatively cheap crude oil to spur demand.
So what happened last night?