Oil prices have now broken out to levels not seen since summer 2014 and market participants are now questioning whether the move has further to go or if a correction lower is in store. So what are the forces that are driving crude oil price action? Crude Oil Inventories Falling One of the key factors driving crude oil price has been ...
Oil Falls Despite Ongoing Middle East Tension Oil prices have fallen back over recent days despite the continued tension in the Middle East as rising rig counts and higher US shale output have created downward pressure. Rig counts rose 9% last week while, according to the latest EIA report, shale output is forecast to grow at 80,000 barrels per...
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