-$37 Barrels, Rates Improve, Freight Down
The price of oil has fallen dramatically since the pandemic – from $60 a barrel in January to negative $37 per barrel on Monday. Suddenly oil companies and speculators (investors who buy in large quantaties hoping to sell for a higher price) needed to store a massive amount of unsellable, hazardous product. In some cases […]
Oil, Fed Rate Cut, Mortgage Rates Improve
Oil – Saudi Arabia suspended 1/2 of its daily oil production after one of their central processing facility was attacked exposing its vulnerability. This facility produced 5% of total global supply and its loss caused oil prices to spike by approximately 13%. Rates – after increasingly significantly in September, rates improved this week after attacks […]