In June 2014, crude was selling at 122 per barrel. It is now down around 60 and below... right in the middle of summer... right during the Fourth of July weekend ...at a time where Oil is normally at it's highest for the year!
US shale extraction continues to cost less and less to extract. The days where shale breakeven costs were at 70 are LONG GONE. Some are now as low as 30.
Oil bulls like to talk it up. It worked for a few months. It won't the second half of the year.
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