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Oil prices continue to fall

Thursday, Feb 19 2015

After its huge decline in the months before January, oil prices have gone through rebound in the past month, raising 35% from its low in the a mid-January on short-covering by traders fearing the market had hit bottom after a 60% price crash since June. Violence in Iraq and Libya, both important oil producers, added fuel to the rebound.

However, during the Wednesday and early Thursday traded it seems that markets are becoming a bit less enthusiastic and that supply worries are fading away. More supply is coming from here with the refinery maintenance season, and that's prompting some investors to ask if the market has overstretched itself with the rebound.

 

Today's U.S. Crude Oils data is expected to to hit record highs, while a possible rise in Saudi output stoked new worries about oversupply. With that being the case we can expect that oil prices will edge further down during the Thursday trade.

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