WTI oil near 2-year low
ecPulse
2014-10-23 14:13PM UTC
Crude oil prices fell today consolidating close to its lowest level in two years around $80 per barrel. The decline in crude prices came in light of the negative influence of rising crude oil inventories according to data released on Wednesday, valued at $7.1 million barrels last week. Hence, speculations regarding the weak oil demand levels in the United States – largest consumer of energy in the world - are confirmed in light of the continued market concerns, and lack of investor confidence in the global economic recovery so far. Oil is still facing major crisis during this phase as a result of market saturation of oil supply, in conjunction with a low global demand for oil despite the high levels of demand by China, second largest energy consumer in the world. The outlook is heading to the continuing volatility in crude oil prices; at least until Organization of the Petroleum Exporting Countries (OPEC) members announce their position from oil production ceiling whether to keep it or lower it at their next meeting scheduled in the 27 th of October in the Austrian capital Vienna.
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