Another bad day for traders bullish on energy as WTI crude oil slid 2%, hitting its lowest level since January. Across the pond Brent crude traded at its lowest level in almost 14th months.
From the heady days of mid-2008
when it traded at nearly $150 a barrel, crude oil has had quite a rocky
ride. After sliding down to the $30s and rallying back around $120,
crude has settled in around the $90 to $110 range for the past two
years.
Commodity traders and analysts
have wondered why oil hasn’t gone higher. Geopolitical tensions abound
across the world; the Middle East seemingly hasn’t been this unstable in
years.
In fact, some believe the commodity could actually go lower. Blake Morrow posits
that with North American production rising, vehicles becoming more
efficient, and crude oil’s inability to rally with global equities, all
signs point to a bearish future for oil.
No comments:
Post a Comment