Crude market was hit with a strong round of selling on Tuesday after the IEA lowered their oil demand growth forecast for the rest of this year and for 2015.
Crude oil prices are recovering some of yesterday’s losses after the API reported a larger than expected draw in crude oil and in refined oil products.
Crude oil prices have been struggling to hold above the breakout point for both the WTI and Brent contract after declining and settling below their respective support levels yesterday.
The Iraqi oil price risk premium is now completely out of the market even as the fighting continues but oil flow has not been interrupted nor does it look like it will anytime soon.
