At the end of the day it is all about the end of the day. While crude oil prices trade below $40 a barrel in crisis market price levels, it's taking its cue from the beleaguered stock market that can't hang onto a rally.
The price war in crude oil is over if you want it to be! At least that is the talk in the energy complex where Saudi Arabia declared a price war against the shale producers at the November OPEC meeting.
Crude oil prices continue to struggle to the upside as the first snapshot of fundamentals this week--the API inventory report--was mostly bearish. The more widely followed oil inventory report is due out at 10:30 a.m. EST this morning which is expected to show an across the board build in the complex.