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Plunging oil fans fears of bankruptcy among US firms
presstv.ir
The continuing plunges in the prices of oil have sparked fears in the US that almost a third of oil enterprises in the world’s leading economy could go bankrupt in 2017.
Over 30 US oil companies, which collectively owe $13 billion, have already filed for bankruptcy protection due to the rapidly falling crude prices, The Wall Street Journal reported, citing Haynes & Boone law firm.
Brent crude prices plunged more than 5 percent on Monday, reaching a 12-year low of $31.41.
Morgan Stanley, Goldman Sachs Group and Citigroup investment banks expect the price of oil to fall below $30 in the near future.
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