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The most recent WTI drop of 2.9% is the largest in a month. Supply versus demand continues to be a curious topic that is the main driver of the current crude oil situation. Oversupply of crude oil in 2020 continues as just in the past few days in the North Sea there are a combined 12 cargoes that have yet to find a buyer suggesting slow demand is taking place in the region.
Tanker
Back in 2014 a large trucking company out of Enid Oklahoma was seeking ways mitigate rear-end collisions. Groendyke Transport who operates a tanker truck fleet was able to reduce rear-end collisions by almost 34% due to the installation of brake warning blinking light devices to the back of their tanker trailers.
Recent drone attacks have wreaked havoc on the Saudi Aramco oil facilities along with imposed sanctions on Venezuela and Iran. These events should all be pointing one direction for the crude prices…..up. Instead of the anticipated price increase, the recent fear of recession has helped keep the market in check.
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