Oil prices have been declining for 3 months and dropped $4 in 14 Oct. The largest single-day fall in more than a year. Brent oil at its peak in June costs about $115 while now it dropped to $85 a barrel.
Source: http://www.economist.com/news/finance-and-economics/21625819-oil-price-tumbling-good-or-bad-news-world-economy-both
The sudden drop in oil prices does not indicate an oversupply, however telegraph had mentioned that according to Citigroup, Saudi Arabia will cease to be an oil exporter in 2030.
Source: http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100019812/saudi-oil-well-dries-up/
Jim Rogers mentioned that the huge drop in oil prices was due to OPEC driving down prices because of shale competition in the US.
Source: http://economictimes.indiatimes.com/news/economy/indicators/recent-decline-in-crude-oil-price-artificial-jim-rogers/articleshow/44833118.cms
Great discounted stocks to watch in SGX
- Keppel
- Sembcorp Marine
- Ezion (high growth fuelled by debts)
- Falcon Energy
- MTQ Corp
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