Tom Mallon | GlobalView
Why Oil Prices Keep Falling?
Back in June 2014, the price of West Texas Intermediate (WTI) crude oil was around $105 and Brent was around $115 per barrel. Today we are at around $57 and $64 per barrel, respectively. This represents about a 40% decline in global oil prices. What happened? To put things into context, let’s look back to the middle of the 2000’s when global oil consumption was surging and outstripping supply, due in large part to China. This led to the WTI oil spike of approximately $148 per barrel in July of 2008. Since then, for the most part, oil had traded at or above $100 per barrel until the middle of 2014. So…