WTI oil prices made a new low for the move, yesterday, trading below $63 for a time. It is more of the same story, with supply increases, shaky demand growth, and a piling on by Wall Street analysts with ever-lower price forecasts. Morgan Stanley was the latest to join the race to the bottom, and Iraq aggressively discounted the price of its crude oil to Asia. Iraq increased the discount to $4.00 per barrel from the previous $2.50 per barrel in relation to Oman crude oil pricing. They seem taking a page out of Amazon’s playbook by effectively giving free shipping.
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