Oil Tumbles Into a Bear Market
Oil closed in a bear market Monday, but don’t abandon hope. Analysts are looking beyond the current slide to next year for a rebound. Crude has plunged by more than a fifth in less than two months as refineries created a glut of gasoline while failing to eliminate excess supply of crude. That wrecked refining margins and hurt the earnings of Exxon Mobil Corp., BP Plc and Royal Dutch Shell Plc. Yet, global oil prices will average $57 a barrel in 2017, according to the median of at least 20 analyst estimates compiled by Bloomberg. State Street Senior Strategist Timothy Graf discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."
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Full Show: Surveillance (08/31)
04:06 - Bloomberg Surveillance hosted by Tom Keene and Francine Lacqua. Guests include Geoffrey Dennis of UBS Securities. Kyle Pomerleau of Metropolitan Life, and Timothy Graf of State Street Bank & Trust Co. (Source: Bloomberg)