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Baz Ratner/REUTERS
Clawing back gains.
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The oil bounce is over

By 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: