Oil Prices Start the Week Down

by Tim Bonett, KPI Bridge Oil
Monday February 23, 2015

The crude market was in search of direction today as rumors of an emergency OPEC meeting had prices up to start the day.

However, by the end of the session prices were down as the familiar pressures remain.

Further to this the dollar was strong today making oil unattractive.

Some think the bottom may be set at $45 for WTI and $55 for Brent but the slow drop in the oil rig count coupled with continued larger inventory figures may test this theory sooner rather than later.