Fundamentally, crude oil supplies are at record levels here in the United States and globally, yet prices climbed this past week on news of rig and supply counts at places like the Cushing and Baker Hughes facilities.
The International Energy Agency report confirmed market sentiment when it cut its global demand forecasts for 2014 and 2015 and pointing out that despite all of the conflicts going on in the world the market remains well supplied.
The Energy Information Agency shocked the market by reporting that U.S. Crude supply increased by 6.7 million barrels putting supply at the highest level in 82 years. So much for that uptick in gasoline demand.
Oil prices fall as U.S. oil supply rises to a record for as long as the Energy Information Administration has been keeping records. You have to go back almost 70 years to find a time when energy supplies were this high at this time of year.