Brent oil falls below $53 as industry data shows U.S. stocks at record high
Source: Reuters
BY HIMANSHU OJHA
(Reuters) - Brent oil prices fell below $53 a barrel on Wednesday on oversupply concerns as industry data indicated U.S. crude stocks had hit a new record high.
U.S. crude inventories rose by 10.5 million barrels to 450 million barrels in the week to March 13, American Petroleum Institute (API) figures showed on Tuesday. [API/S]
Analysts had expected a 3.8-million-barrel increase.
Brent for May delivery LCOc1 was down 62 cents at $52.89 per barrel by 1058 GMT after ending the previous session up 7 cents.
FULL story at link.
Read more: http://www.reuters.com/article/2015/03/18/us-markets-oil-idUSKBN0ME03R20150318
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due to lower oil prices. The price of everything that is made or transported .using oil should decrease. And prices went down in time for this past winter for the folks who use heating oil. The US government is already buying up oil to store in the strategic reserve.
I have heard freepers claiming that Obama is killing thousands of good oil jobs because he won't approve keystone xl. 
They're saying that we need more fracking and drilling to create more jobs.
A lot of them claim they support free markets without actually knowing what that means.
And nobody seems to know what the target price is for North Dakota or Alberta oil to remain profitable. That seems to be a secret. I wonder if OPEC really believes they are going to kill North American oil long term or if they realize it will just resume again once supply and demand raises the price to an acceptable level.
the workers in ND are mostly temporary and mobile. It was only about a year ago when we were seeing articles about the job boom there and the need for associated stuff like housing and food and strippers.
