Weekly fundamentals – Crude Oil Extends Weakness amidst Dismal Outlook

There’s no sign that the selloff of crude oil would end any time soon although both benchmarks have plummeted more than -50% since June 2014. Indeed, the fundamental developments suggest that crude’s outlook should remain bearish. The US is expected to be the biggest contributor of output growth this year. Despite discontent from some members, the OPEC has shown no intention to cut output. Additional export from Russia and Iraq would only exacerbate the supply demand gap.

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Weekly fundamentals – Crude Oil Extends Weakness amidst Dismal Outlook