Oil has fallen lower this week, with a particularly bearish EIA report combining with geopolitical tensions in the Middle East to push prices downwards. Another increase in the rig count is unlikely to improve sentiment. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Friday, June 9, 2017 Oil prices got crushed mid-week after the EIA reported a surprising increase in both crude oil and gasoline inventories, a terrible sign that points to ongoing problems with oversupply. WTI and Brent dropped by 5 percent, with WTI sinking back into the mid-$40s. The selloff slowed at the end of the week, but oil traders seem to be looking for some direction. What happens next for prices? The OPEC cuts probably put a floor beneath prices, with few analysts predicting substantial price losses from here, but there is also […]