Oil prices fell nearly 8 percent this week as speculators rushed for the exit and closed near record long positions. (Click to enlarge) Friday, March 10, 2017 Oil prices awoke from their slumber this week, breaking out of a narrow trading range and plunging by more than 8 percent. WTI dipped below $50 per barrel on Thursday, and Brent dropped below $53 per barrel, the lowest levels since early December when the OPEC deal was announced. The reason for the sudden decline was the bearish EIA report, which showed a whopping 8.2 million barrel increase to crude oil inventories, pushing total stocks to another record high. The inventory increases have been consistent throughout 2017, but the combination of rising U.S. oil production and relentless stock builds seems to have finally put a dent in market bullishness. OPEC outreach to shale comes with warning. At the CERAWeek Conference in Houston […]