Crude oil prices fell to their lowest levels since April today, with Brent on track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products.
More bulls are getting on the crude oil bandwagon as it is clear that the path to market balance is getting closer every day. Investment banks surveyed by The Wall Street Journal hiked its price forecast for the third consecutive month this May, predicting that Brent crude, the international benchmark, will average $43 a barrel in 2016. That's up $2 from April's survey.
Oil and products did a supply slide as disruption in supply all around the globe seemed to come online all at one time. In Libya, South Sudan, Nigeria and Iraq supply that was slowed or halted is coming back online.