It is not news anymore that oil is in a bear market at the moment. Some analysts are assuming we have seen the bottom but oil inventory yesterday revels that we have more oil supply. The latest inventory report shows 2.57 Million barrel was added, this is bad news to all bulls as this will likely push down the price of oil back to the low again.
Also, Saudi Arabia has decided to boycott the organisation of petroleum exporting countries (OPEC) meeting which is aimed at addressing the falling oil price. The Arabs are not ready to reduce their production neither are the shale producers, this will continue to put oil prices in the dip.
Goldman Sachs earlier today reduces their oil outlook for 2016. Brent was downgraded to $46 a barrel from $62. This is attributed to the fact that Iran is will start adding more oil to an already oversupplied market.