Oil prices began crashing on Thursday afternoon, falling nearly 9%. WTI slid 8.68% to $58.99 per barrel by 4:04pm ET, while Brent had slipped 8.01% to $62.55 per barrel. It is the biggest drop in absolute terms since April 2020, when oil slipped into negative territory. Analysts have been volleying predictions during the recent price rally, with bulls signaling there is more room to run, making proclamations of a coming supercycle.
Others, more cautious in their outlooks, have warned for a couple of weeks that the optimism present in the oil markets…Oil Sees Biggest Single-Day Loss Since April 2020
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