Crude dive deepens as market braces for more Iranian oil
LONDON (Reuters) – Brent crude futures plunged more than 4 percent to fresh 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.
Brent and U.S. crude oil were on track to close lower for a third consecutive week, down roughly 20 percent from their 2016 highs. read more…
RBS advises: sell everything! 2016 will be ‘cataclysmic’
That harrowing advice is from The Royal Bank of Scotland, which has warned of a “cataclysmic year” ahead for markets and advised clients to head for the exit. Do not wait. Do not pass go.
“Sell everything except high quality bonds,” warned Andrew Roberts in a note this week.
He said the bank’s red flags for 2016 — falling oil, volatility in China, shrinking world trade, rising debt, weak corporate loans and deflation — had all been seen in just the first week of trading.
“We think investors should be afraid,” he said.
Morgan Stanley warned this week that oil could touch $20 a barrel. RBS says if it falls below $30, then $16 is on the horizon. read more…