| Oversupply, the failure of Opec and diminishing demand will push oil price down again, Bloomberg says. The plunging global oil price has gone into reverse in the past two weeks, prompting some traders to suggest that the oil market had reached a bottom. But according to new analysis by Bloomberg, oil prices could fall sharply again and could even reach $10 per barrel.
In his report, A. Gary Shilling argues that a combination of factors will push the oil price down again. The first is the diminishing power of the Opec cartel. In Shilling's view, Saudi Arabia has experienced market-share losses in the past, due to the "cheating" of fellow cartel members, who have exceeded their agreed output quotes...............................................Full Article: Source
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