Benchmark West Texas Intermediate (WTI) oil in New York plunged more than 20 per cent at one point on Tuesday from last month’s peak of $76.90 US. (Hasan Jamali/Associated Press) Just a few weeks ago, there was talk about oil hitting $100 US a barrel after crude prices hit a four-year high in October. That’s a feat that hasn’t been achieved since 2014 before the commodity market came crashing down. But since then, oil prices have tumbled around the world — briefly falling into bear market territory this week. That means benchmark West Texas Intermediate (WTI) oil in New York plunged more than 20 per cent at one point on Tuesday from last month’s peak of $76.90. On Wednesday, oil was trading around $61 US per barrel after prices fell for eight straight days. Reports Wednesday about plans from the influential Organization of Petroleum Exporting Countries (OPEC) to discuss cutting oil production next year in response to increasing global inventories also did little to boost prices. Even with the month long decline, however, some analysts aren’t ready to write-off the significant recovery that’s been taking place in the oil market this year. "I think the market is kind of […]
