Oil's breakdown could take crude lower. Much lower. In fact, according to a report from one of our experts that's currently making the rounds at the office, oil might have just punched its ticket for a one-way trip to $60.
"Simply put, America is bursting at the seams with oil," exclaims our own resource maven Matt Insley. "Shale plays across the country are continuing to increase production. According to the U.S. Energy Information Administration's (EIA) September Drilling Productivity Report, oil production has risen in each of the three major U.S. shale plays (Permian, Eagle Ford, Bakken) every single month this year.
"We're witnessing a steady, relentless march higher in U.S. oil production. Not just any oil, mind you — we're talking about light sweet crude oil — the good stuff!"