| Fear and fundamentals are driving down oil prices. The fear arises from the unknown risks of the Greek and Iranian negotiations, and the panic in China’s stockmarkets. These fears have acted as triggers, bringing much greater clarity to the fundamentals of an oversupplied oil market.
Oil has lately become a very volatile commodity. Early this year, it fell below $US50 a barrel. By mid-May, it had rebounded to $US67 a barrel, which was thought to be a “new normal” on which plans could be based. But in the last few weeks, prices fell almost 20 per cent — though they’ve bounced back a little in the past few days...............................................Full Article: Source
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