How Much Further Can Oil Prices Fall?

By Tom Kool Oil prices fell nearly 8 percent this week as speculators rushed for the exit and closed near record long positions. (Click to enlarge) Friday, March 10, 2017 Oil prices awoke from their slumber this week, breaking out of a narrow trading range and plunging by more than 8 percent. WTI dipped below $50 per barrel on Thursday, and Brent dropped below $53 per barrel, the lowest levels since early December when the OPEC deal was announced. The reason for the sudden decline was the bearish EIA report, which showed a whopping 8.2 million barrel…

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