Oil prices have plunged to $30 a barrel, and investors are scrambling to cash in on the low-cost oil.
If you’re a trader, this is a great time to start buying in.
Oil markets are so volatile, and so low-priced, that it’s easy to forget how cheap oil really is.
In fact, a simple calculation of how much oil is currently sitting in the global oil market shows just how low it is.
Here’s how it breaks down: The current global market price of a barrel of oil, which includes the current US and EU supplies, is $30.
Oil prices are at record lows for the first time in history, so it’s no surprise to see the world’s leading oil traders rushing to cash out.
The latest rally is likely to end as early as the end of the month.
And that means that the price of crude oil could be back above $60 or even above $70 by the end.
Here’s how to buy cheap oil for less than $100A simple calculation shows that oil prices have dropped to $20.
The current price of Brent crude oil, the most expensive oil on the market, is now at $34.92 a barrel.
Oil futures prices have been near $30 since mid-October.
Brent crude is used to produce more than 90 percent of the world oil supply.
Oil-exporting countries are buying the cheapest oil they can find, but there are some other factors at play here that may make it cheaper to buy a barrel today.
The US is selling the bulk of its supply at a depressed level.
The European Union is buying less than 10 percent of its imports, and Saudi Arabia is buying more than 20 percent.
The world’s supply is already under pressure from China, which has been dumping large volumes of crude to boost demand.
Saudi Arabia’s decision to purchase as much of its oil at below $60 a barrel in a bid to boost its export revenues has also contributed to the global price of oil falling below $20, with Saudi Arabia the latest major market player to announce it will begin selling at the current low price.
For those who want to avoid buying oil at a price too low, the oil market may become more volatile in the coming weeks.
A number of major oil companies have indicated they may not sell any more oil at current prices.
This means that investors may have to buy more oil in the long run.
But it also means that some investors may be tempted to buy the cheap oil now.