Is the 1979 hit single from Dire Straits, taken from the British rock band's debut album.
Looks like the biggest sultan's of swing when it comes to crude oil prices is going to be the shale oil producers in the USA.
The Sheikh's are going to get their backside bitten, if they thought cutting oil out put is going to solve their problems .
Reuters has the story. Read below :
Oil prices slipped on Friday, extending losses after data suggested drilling is ramping up in the United States, prompting investor concern about how effective OPEC and other producers will be at supporting prices by cutting supplies.
U.S. crude CLc1 futures for March delivery settled down 61 cents, or 1.1 percent, at $53.17 a barrel.
Brent was down 72 cents at $55.52 a barrel.
The U.S. weekly oil and gas rig count from Baker Hughes showed that U.S. drillers added 15 oil rigs in the week, the 12th gain in 13 weeks. That brought the total count to 566, the most since November 2015. [RIG/U]
"We’re in a holding pattern at this point in time," said Mark Watkins, regional investment manager at U.S. Bank Private Client Group. "Supply is a big factor right now and you have the U.S. really filling that gap that OPEC has left open."
