Permanent bearish trend on the black gold commodity persists even on Friday, pointing to ending the week lower both for Weste Texas Intermediate (WTI) and European benchmark Brent crude. We can see permanent global oversupply, dragging down the demand position on the market. Kuwait's Oil Minister Ali al-Omair stated that OPEC is about to maintian its output even in an oversupplied market due to its market share (worries due to larger production of the United States and Russia). Such supply pressure keeps pushing on demand, which is lagging and dependent on global economy, struggling with stagnation or low economy progress. Moreover, oil price drop did not help the already low inflation in western countries, keeping them cautious. Although we can see some corrections, US guages, mostly from the Energy Information Administration point to unsatisfactory demand compared to the real output of oil and keep us still bearish on oil as no relevant hint to spur a bullish trend came out.
