| Crude oil’s freefall from $100 a barrel to under $50 has struck at the heart of a core belief in the markets: that Saudi Arabia would always ride to the rescue. Oil traders can agree on only one thing about when the second-biggest price rout on record will be over: not yet.
Crude oil’s freefall from more than $100 a barrel last summer to a near six-year low under $50 a barrel has been unrelenting, shocking traders and baffling analysts who have all but given up trying to pinpoint the bottom of the market. The scale of the uncertainty reflects a market stripped of a core belief that has underpinned prices for the past decade: that top oil exporter Saudi Arabia would always ride to the rescue...............................................Full Article: Source
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