Why price of oil dropped
January WTI futures and Brent both dropped nearly 7% in Tuesday’s session. Oil bounced higher on Wednesday, while stocks also attempted to recover from an extended rout that took the Dow Jones Industrial Average DJIA, +0.26% and the S&P 500 SPX, +0.09% into negative territory for the year. No longer are oil traders talking about $100 oil. Iran’s oil exports stood at 1.7 million barrels per day in October and won’t fall to zero anytime soon. But that may not be the end of the story. “While consistent with our expectations, the granting of waivers does not imply that Iran exports will