Today, oil prices have resumed the downtrend once again. This is happening amid the same excessive oversupply seen in the global market of crude oil. In particular ICE Brent futures went 15 down to $32,77/b in London after a stunning recovery seen over the past couple od trading days. At the same time, WTI futures went some 1,3% down to $31,87/b.
Meanwhile, this week’s IEA report indicated a new record. The thing is that the U.S. crude oil inventories reached the highest level in 85 years!!!
Another interesting factor to take into account is that Russia is probably going to conduct talks with Saudi Arabia aimed at taking some steps to raise oil prices.
