Offshore Oil Stocks Being Sunk as Crude Hits a Multiyear Low

Crude oil is having one of its worst days in years. At this writing, both Brent and West Texas crude futures are down 8%, extending a two-week sell-off that has seen oil lose nearly one-quarter of its value.

Today's big drop is being driven by worries that an already oversupplied global oil market is only a few weeks away from becoming even more awash. Word is, Russia -- one of the countries that make up the "Plus" group of OPEC-Plus producing states -- is not willing to cut output. This comes one day after OPEC members agreed to cut 1 million daily barrels from their output, and had proposed that Russia and its counterparts cut another half-million, with Russia shouldering the majority of the reduction. 

Today's news that the country isn't as willing to help stabilize oil markets is sending major shock waves through the markets.

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