Crude oil prices fell more than 2% on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Crude oil prices were under pressure after Mario Draghi magic seemed too eased off. Oh, sure, after Mario Draghi said he was disappointed with growth and the lack of inflation, oil got a bounce. Yet, when Asian and European stocks gave up the gains, oil prices falter until a headline came out about those Chinese Military ships that are moving off of the coast of Alaska.
Crude oil stabilized on Wednesday after China moved to support the country's economy and stronger than expected U.S. durable goods data was released, but prices stayed near 6-1/2-year lows as a heavy supply glut kept market outlook bearish.
Crude oil prices wash out after the Energy Information Administration (EIA) shows a surprise drop in refinery runs and a lower forecast from that seems to suggest that the pain in the oil market may not be over.