Crude oil futures dropped more than 2 percent in response to slipping U.S. equities and information about expenses pertaining to French debt notching a record high.
"Not a recovery that's based on stimulus from the U.S., but a recovery that's based on real asset prices, and real prices that have been able to clear the market profitably," the managing director told the publication. "If I was a company and I was pricing oil at $100 a barrel, and now I'm pricing oil at $82, that 20 percent correction is a 20 percent cost saving."
At 7:27 a.m., crude oil futures slipped 0.88 percent, a 94 cent drop to $105.74 per barrel.
The past month has seen oil futures drop 14 percent in value because worries about the global economy reduce the energy demand forecast, according to MarketWatch.
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