| A respite to the oil price decline has long been due as the commodity has been on a wild ride over the past seven months, having depleted about 60% in price. Increased production resulting in ample supplies, strength in the greenback, slower manufacturing activities in Europe which is buckling under deflationary pressure, cooling geo-political tension in the second half of the year, and sluggish Chinese and Japanese economies pushed oil prices down last year.
After closing out 2014 on a grave note, there was no celebration for oil in the New Year either. WTI crude prices dipped below $50 on a no-production cut call by OPEC. However, when all hopes on an oil price rebound seemed to be lost and some analysts even went on forecasting the price to fall as low as $30/ barrel, the momentum snapped the trend to enter February..............................................Full Article: Source
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