Oil back in bear country

OIL has again fallen into bear market territory, sliding below $US40/barrel, causing a sharp intake of breath from oil producers who remain aghast at the resilience of US unconventional drillers and the sheer-bloody mindedness of the Saudis in the pursuit of market share.

03 August 2016
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Overnight West Texas Intermediate declined by 1.4% to settle at $39.51 a barrel, its lowest price since April 7 and its second day closing below $40/bbl in a row.

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