Oil prices fell on Thursday, with U.S. crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel.
Rising U.S. stockpiles served as the most visible evidence of oversupply in oil markets.
Goldman Sachs said on Thursday there remained a downside risk to oil prices “as storage utilization continues to climb.” The bank added that “we don’t believe that current prices present an appealing entry point.”
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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