The oil bounce is over
Oil prices were falling on Friday (March 13), and they’re falling again Monday morning. After staging something of a rally, barrels of the black stuff are once again having a hard time finding bottom. US benchmark West Texas Intermediate is setting new six-year-lows. Not much has changed over the weekend: there’s still a looming US oil glut despite a slowdown in drilling activity. But the market knows best.
ByMelvin Backman and Melvin Backman
Oil prices were falling on Friday (March 13), and they’re falling again Monday morning. After staging something of a rally, barrels of the black stuff are once again having a hard time finding bottom. US benchmark West Texas Intermediate is setting new six-year-lows. Not much has changed over the weekend: there’s still a looming US oil glut despite a slowdown in drilling activity. But the market knows best.
The fall looks even more dramatic if you look back to 2009:
