| In the beginning of the year, oil prices witnessed smooth sailing. This was largely thanks to a chilly winter and escalating geopolitical tensions, which helped to buoy prices. However, the favorable demand-supply conditions, which once led crude oil prices to trade above the triple-digit mark, are now waning.
Last week Brent oil slumped to a two-year low of $96.72, while West Texas Intermediate (WTI) futures slipped to $90.43 – the lowest level since May 1, 2013. Slowing global demand on the back of rising supplies is believed to be the main culprit for bringing oil prices back to the double digits, which had crossed above $115 not so long ago in June. In fact, Brent oil is down roughly 11% in the third quarter...............................................Full Article: Source
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