From Bull To Bear: What To Make Of The Sell-Off In The Crude Oil Market?

In the last month, crude oil prices have retreated from four-high highs amid concerns of rising oil production worldwide and weakening demand from developing countries despite the U.S. re-imposing sanctions on Iran. The oil market sell-off has shaved more than a fifth off the global Brent crude benchmark and slashed the price of U.S. crude (West Texas Intermediate, or WTI) by 25% since early October, harkening back to similar trends seen during the oil price rout of late 2014. More recently, on Nov. 14, 2018, Brent and WTI crude futures snapped a record 12-day streak of losses and have since tried to recover. WTI futures posted a sixth straight weekly loss during the week ended Nov. 16, 2018. In light of recent events, we pose the question: Is the crude sell-off and bearish market sentiment overblown?

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