Crude Oil Continues to Slump, OPEC Signals Slide Will Continue

by Tim Bonett, KPI Bridge Oil
Monday December 15, 2014

Crude oil continued on a slumping path to start the week.

Oil exports out of Libya were disrupted over the weekend leading to an early uptick in prices but the market easily shrugged this off.

Friday the International Energy Agency cut its 2015 oil demand forecast for a fifth time in six months.

OPEC members also indicated that there are no plans to meet before its next regularly scheduled meeting in June.

Today, the head of OPEC stated that there is no price target for oil, further signaling they are sitting tight for a continued slide.

Bunker buyers will be happy to do the same.