Oil Price Enters Bear Market Even as U.S. Crude Output Hits Record-High

Oil

Fundamental Forecast for Crude Oil: Bearish

Crude Oil Talking Points

Oil enters a bear market as the Organization of the Petroleum Exporting Countries (OPEC) shift gears to a produce as much you can mode, and the current environment is likely to keep crude prices under pressure as the bearish momentum appears to be gathering pace.

Oil prices have tumbled more than 20% from the 2018-high ($76.88) as OPEC and its allies respond to the weakening outlook for global demand, and the group may continue to boost output throughout the remainder of 2018 even as U.S. crude production climbs to a record-high.

Oil Price Enters Bear Market Even as U.S. Crude Output Hits Record-High

Fresh figures from the U.S. Department of Energy (DoE) show field production widening to 11.8K b/d from 11.2K b/d in the week ending October 26, but the updates continue to reflect waning demand for crude as inventories jump another 5783K in the week ending November 2.

The slowdown in emerging market economies paired with the trade war between the U.S. and China, the two largest consumers of

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