Oil prices have experienced an epic collapse. The fallout from the OPEC meeting is still being felt, and WTI oil prices fell below $64 for a time overnight. Some of the overnight declines are associated with the lackluster China manufacturing data, but it remains a supply story overall. The Iranian oil minister admitted that the Saudi plan, that was accepted, is too squeeze out higher-cost US shale oil producers. While the Iranians wanted a production cut, they went along with longer-term view of Saudi Arabia on this point, and smiled in the name of OPEC unity.
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