Oil prices have tumbled in the past month well into bear-market territory. The market-opening price for WTI on Thursday was slightly above $52 a barrel. The Brent international benchmark price was just above $57 a barrel.
The oil sector is seeing some of the lowest prices since early January and earlier this week hit a six-week low. Analysts are predicting the market will only get worse before it rebounds. I disagree, but first let’s look at what’s driving the bearish sentiments.