Saturday , February 27 2021

Why oil prices have fallen from a four-year high to a bear market

The oil market is going through an amazing reversal as crude futures erode earnings this year after reaching their highest levels since 2014 just six weeks ago.

The roots of the pullback can be traced back to the last rally itself. At the height of the run, many energy analysts said oil prices should never have risen so quickly.

Crude prices rose to 4-year highs on October 3 as the market prepared to renew US sanctions on Iran, OPEC's third-largest producer.Today, the threat of sanctions wiped out about 800,000 barrels a day off the market, feeding speculation that some oil importers He would fight for supplies.

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