Three oil charts paint dire picture of ballooning glut
INTERNATIONAL – Oil’s 24% slump this week might be the start of a prolonged period of pain for some in the market, according to several key indicators.
As Saudi Arabia and Russia prepare to pump-at-will in a battle for market share, oil timespreads, tanker rates and other indicators are showing that an industry already struggling with weak demand is about to be drowned in supply. Here are three charts that illustrate what’s happening.
Prompt Sell-Off
Source: iol.co.za
