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The world changed this last week – did you notice? The world’s most valuable commodity was momentarily worthless.
No, I don’t mean gold. Gold has been valued for a very long time, mostly because it doesn’t tarnish. But the world could get along reasonably well without gold. Or platinum. Or even diamonds.
I’m referring to oil.
On one crucial day, for the first time ever, West Texas crude, the gold standard for oil, dropped to minus-$37 U.S. a barrel.
Categories: Sharp Edges
Tags: Oil, West Texas, negative value