Crude Oil Falls 5%, Down to $45.85 a Barrel
U.S. stocks continue their downward spiral, in sync will crude oil's downward trend. Crude oil fell an additional 5%, down to $45.85 a barrel - a 6 year low. One Saudi Arabian prince even said that he doesn't believe oil will ever return to $100 a barrel due to falling demand and excess supply. Investors were wary of making any big bets today as they are anxiously awaiting the coming fourth-quarter earnings season. Profit growth is expected to be lower than in the recent past due to all of the analysts' drastic downward revisions for stocks in the struggling energy sector.
Word on the Street
- Oil tumbles 4%, down to $45.90 a barrel.
- Atlanta Fed President believes interest rates will rise mid-year.
- 12 companies expected to double profits in Q4.
- Saudi prince believes oil will never return to $100.
- U.S. business look into new opportunities in Cuba.
- Roche to acquire majority interest in Foundation Medicine (FMI).