It’s starting to look like the perfect storm for a decline in oil prices, at least in the short term. Contributing factors include a weak global economy, tensions in Korea, the European debt crisis, high production levels from OPEC, and monetary tightening from China. All that is missing from the equation is a warmer than average winter in the northeast. January crude closed at under $83 dollars a barrel on Friday.
To read a related Wall Street Journal article, please click here: