Crude oil prices were under pressure after Mario Draghi magic seemed too eased off. Oh, sure, after Mario Draghi said he was disappointed with growth and the lack of inflation, oil got a bounce. Yet, when Asian and European stocks gave up the gains, oil prices falter until a headline came out about those Chinese Military ships that are moving off of the coast of Alaska.
The old adage proves true, that low prices cure low and crashing prices, and at least in oil, it is always followed by a big time recovery. According to data provided by Price Asset Management, history would suggest that prices of oil usually come back quicker than most people think.
As crude oil prices tried to bounce back from a five-year low, oil companies and OPEC try to adjust to low oil prices. BP earnings kicked off the big oil earnings season and they could have been worse.