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  • Slow Global Demand And Higher Inventory Bearish For Oil 0 comments
    Apr 23, 2013 2:37 AM

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    Oil drives the world.

    But the problem now is that the industry is building up an excess inventory in available oil while global demand is dwindling, as the global economy continues to struggle with the aftermath of the Great Recession in 2008. The result: lower oil prices.

    Some argue oil prices will easily rally back, but I'm not convinced, based on both the fundamental and technical pictures.On the chart, the near-term technical outlook for oil prices is bearish. Spot oil prices are below $90.00 a barrel for West Texas Intermediate (NYSE:WTI) oil, and they're edging lower to the mid-$80.00 range.

    Spot oil prices have recorded 10 new lows and five new highs over the past three months, according to data from Over the past year, spot oil made 21 new lows to go along with only eight new highs. It's clear that the market bias is negative on oil prices.Based on the spot high of $106.16, reached on May 1, 2012, the spot WTI oil price is down 18.3% as of Thursday, which is nearing the official definition of a bear market.


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