ZOID RESEARCH 16-JULY-2014 : CRUDE OIL

Oil prices continued its fall its yesterdays session following its previous day losses on rising Libyan supplies and downbeat economic data that sharpened concerns the global market was heading into a near-term glut. Selling has been accelerated in recent days as traders shift their focus from violence in Iraq and Libya to weak global fundamentals.
Still, traders remained on edge after prices tumbled by nearly 6 percent in just weeks, with fears over the militant uprising in Iraq quickly being set aside by big hedge funds who have hastily pared back record bullish
long positions.


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