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Oil price drops rapidly, but this is not a good thing for truckers

Nov 26, 2018 at 09:29 AM CST
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Since the beginning of October, the price of oil has been dropping steadily. As of Friday’s close, crude oil benchmark WTI (West Texas Intermediate) was off by nearly 25%. We’ve seen this play out before. Oil tops and then rapidly drops as traders over-correct to the downside as the world appears to have more oil supply than demand. This reversed an upward trend that started in early January 2016.