Quotes from the news wire:
It is difficult to find anyone who is bullish right now on oil, saudi Arabia has basically told the world that Saudi Arabia's full steam ahead in production. Add the global oil glut and the strong dollar weighing on commodities, and it's a one-way ticket down with nothing on the horizon to derail it.
With the worst of the bad news priced in following last weeks capitulation trade, a very shorted oil market has traders running for cover, we continue to believe the pressures that have created this downdraft for oil prices are beginning to deflate and subside. Aggressive short traders are now paying the price.
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