Crude Tumbles as Rising Supply Counters Bullish Demand Outlook - Bloomberg:
"Crude spiraled to the lowest level in three weeks as rising U.S. supply and dollar strength eclipsed bullish demand outlooks. Futures in New York tumbled 1.7 percent Thursday. While Goldman Sachs Group Inc. forecasted strong global consumption growth, crude production and stockpiles in the U.S. climbed higher in the latest inventory report. A strengthening dollar also pushed crude lower. “If you look back at the report and look back at sentiment, it’s getting hard for these bullish, speculative positions to hang on,” Rob Haworth, who helps oversee $151 billion in assets at U.S. Bank Wealth Management in Seattle, said by telephone. Speculators “are coming around to the idea that this may not be a runaway bull market yet, even though supply and demand are a little more in balance,” he said."
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