Oil Falls To $30 A Barrel
The oil slump isn't over yet: after modest market gains last week, fears of oversupply are pushing crude prices back to $30 a barrel.
US sweet crude dipped to $29.81 a barrel on Tuesday on the New York Mercantile Exchange. Meanwhile Brent—the global benchmark for oil prices—traded down to $32.72 a barrel.
Although there were talks of an emergency OPEC meeting last week to prop prices, those talks have been put off—at least for the time being, until more details on Iran's oil emerge, the Wall Street Journal reports.
Iran says it plans to increase oil production by a million barrels a day in 2016, potentially flooding a market that already has too much supply. For some perspective, the average gas prices hit $1.79 a gallon, the lowest since 2009.
Despite the global turbulence—and its impact on global equity markets—there's still healthy investor appetite for US real estate. (At least for these guys, anyway.)
Nonetheless, investors are keeping a close eye on energy-heavy markets like Houston and North Dakota, where a further oil drop could cause declines in construction and leasing. [WSJ]
