Oil tum­bles to one-year low on over­sup­ply con­cerns

Financial Mirror (Cyprus) - - WORLD -

It has been a bru­tally bear­ish trad­ing week for Oil prices with Brent Crude and WTI Oil both crash­ing to a fresh yearly low on Fri­day morn­ing thanks to over­sup­ply con­cerns and global growth fears.

The truth of the mat­ter re­mains that ris­ing global Crude sup­ply cou­pled with wor­ry­ing signs of slow­ing de­mand have writ­ten a recipe for disas­ter for the Oil mar­kets. With an ap­pre­ci­at­ing Dol­lar rub­bing salt into the wound, the out­look for Oil prices points to fur­ther down­side. Although OPEC is ex­pected to cut Oil pro­duc­tion at its meet­ing in early De­cem­ber, Oil bears are clearly un­fazed and this con­tin­ues to

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