The crude oil market has been under pressure on all fronts. It's been pounded by declining global growth numbers and diluted by growing global production. Structurally, this market must work its way lower over time. However, the 5.5% decline over the last week or so may be a bit overdone.
Our analysis shows that the commercial trader long hedgers have been buying crude oil futures since we dipped below $90 per barrel. These may not be prudent purchases but, the same barrels of oil picked up at $68 per barrel could prove to be a very fruitful investment.
You can read our full analysis at Equities.com.
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