RE:The depressed price of oil makes no sense..based upon There is no logic behind the moves in the oil price during the last months. The manipulation at its best. The traders are on top of this downtrend, but they will be burned soon because the fundamentals are not there.
For instance, despite the fact that Crude oil inventories plunged ONCE AGAIN on Friday, oil is down 3% today just because a PAID analyst from Goldman Sachs forecasted $39/bbl.
Read the fundamentals from EIA's report last Friday:
" The EIA released Crude Oil inventory data for the US, which showed that oil stocks in the US as of January 2 stood at 382.4 million barrels, 3.1 million barrels lower than the figure in the earlier week. Analysts had expected the inventories to increase by 880,000 barrels. A decrease in the oil stocks points towards demand exceeding supply for crude oil in the US for the week ending January 2. "