Oil collapses to fresh lows; now in bear market by Milan Cutkovic

Oil prices have been under pressure for a while now, but yesterday’s decline were heavy, with the WTI losing 4 % on the day, from $87.96 to $84.10. From a technical perspective, Oil is now in a bear market and likely to head towards the 2012 low of $77.20. The outlook is also grim when we consider the fundamental picture and until the OPEC decides to intervene. I wrote a short brief about what has been driving oil prices last week and you can check it out here -> http://milancutkovic.com/2014/10/02/327


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