With WTI trading with a $32 handle, collapsing below December 2008's $32.40 lows briefly overnight, OPEC's broad basket price for crude has also reached a worrisome milestone. Amid Saudi price cuts to Europe, the basket price was set at $29.71 today - the first print below $30 since April 2004.
WTI broke 2008 lows overnight... and then ran stops to overnight highs...
and following the inclusion of Indonesia's crude oil price, OPEC's basket price is back below $30...
For the first time since April 2004...
Source: OPEC
This won't end well.