Nymex crude oil this week hit a four-month low. Worries about less demand for global energy due to slowing economic growth of the major economies are bearish for crude. Ominous for crude oil bulls is the recent OPEC extension of its oil-production cuts that was met with selling pressure. There is growing skepticism the cartel can hold together its collective reduced oil production. Meantime, U.S. crude oil production this year reached a record high. Importantly, crude oil is the leader of the raw commodity sector. The fact oil prices have dropped sharply bodes ill for most raw commodity markets. Crude oil is going to have to stop its price bleeding before most of the beaten-up commodity markets can recover. Stay tuned!
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