Oil is trading below the $33 mark for a third day today and below the $31 for the first time in 12 years.. Market sentiment remains bearish as the support level around $33 was breached for a second time since Friday. In light of this, many analysts and market experts envision that Oil would most likely make a move to $25.
This is the first time Oil has dropped so low in 12 years as the persistent global glut of crude continues to weigh on the market.
Oil prices are down more than 10% this year only.
Both main benchmarks booked more than a 10% loss over the prior trading week.
ReplyDeleteThe oil seems unstoppable.
ReplyDeleteGoldman Sachs expects oil to head toward $20 a barrel before producers decrease output.
ReplyDeleteThe bearish trend is very strong.
ReplyDeleteGreat post! Thank you!
ReplyDeleteLet’s see how it keeps going.
ReplyDelete12 year low now and with Iran increasing the supply it might go even lower.
ReplyDelete