Oil Producers Have $100 Billion Wiped Out in Worst Start to Year

Crude’s plunge keeps piling on the bad news for oil producers, who are having the worst start to a year on record.

More than $100 billion has been wiped off the 61-company Bloomberg World Oil & Gas Index this year as it plunged to the lowest since August 2004. It has dropped 5.6 percent, making it the worst opening to the year since the index started in 2003. Thailand’s PTT Pcl, Apache Corp. and China Petroleum & Chemical Corp. led the decline.

Read more