Crude Oil Dips Below $40

From Breitbart.com:

Oil prices tumbled below $40 for the first time since the summer of 2004 Wednesday despite an announcement from OPEC of a record production cut of 2.2 million barrels a day...
"There's just so much oil in inventory out there right now," said Michael Lynch, president of Strategic Energy & Economic Research. "Nobody wants to buy this stuff."
Crude prices have fallen so low, producers have leased supertankers to store the oil at sea, hoping that oil will rebound.

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Wow! Amazing that on a day when OPEC cut production by 8%, the price of crude oil on the Jan 09 contract briefly dipped below $40/barrel.