| In June last year, it was difficult to guess that crude oil would fall off the precipice within months. The Islamic State (IS) was rampaging across Iraq and fears of supply disruption in the country had sent Brent oil up to $115 a barrel. But then, the pincer of global oversupply and slack demand put oil on the slippery slope. Declining steadily, Brent was down more than 50 per cent to about $45 a barrel by January this year.
A recovery to about $65 until mid-May was short-lived and the fuel again slipped to $40 last month. It currently trades at about $47 a barrel. While it’s a mug’s game trying to predict crude oil prices, it is likely to remain under pressure at least in the near term — the factors that caused the rout remain in place and seem to be getting worse...............................................Full Article: Source
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