Tuesday, February 10, 2015
Wall Street Has A Dream For Oil Prices
http://ift.tt/16LWpg5
The price of oil has bounced 20% since January 29 when the benchmark West Texas Intermediate had dipped below $44 a barrel, but according to Edward Morse, Citigroup’s global head of commodity research, that dizzying bounce is a “head-fake.” Because the fundamentals are still terrible. Oil production in the US is still rising, despite drillers shutting down drilling activities at a record pace. Drilling fewer new wells is hurting oil field services companies, and the pain is fanning out across the oil patch and beyond. It hit private…
via OilPrice.com Daily News Update http://oilprice.com/
