Crude oil is getting crushed as demand fears resurface
CNNNew York CNN Business — Demand fears are once again rippling through the oil patch. “OPEC kind of panicked today by putting out a bad signal to the energy community.” ‘Avalanche of sell orders’ The latest turmoil in the oil market comes during major turbulence in the stock market. That’s why Bank of America warned in a report late last week that it will take three years for global oil demand to “normalize.” “Oil demand globally is really sluggish. All of the low hanging fruit from the global oil recovery has already happened,” said Michael Tran, managing director of global energy strategy at RBC Capital Markets. Tran warned that the fundamentals in the oil market will likely “continue to be weak through the fall.” So how much lower can crude go?