I think the U.S. Economy is far weaker than the general consensus. I think we are headed into recession too, and that is why you see oil prices collapsing the way they did back in 2009.
But another factor that is exerting more downside pressure on oil is the widespread belief that the Federal Reserve is going to be tightening monetary policy which would even exacerbate the problem in the global economy, and of course the rising dollar that is resulting from the anticipation of higher interest rates, is also forcing oil prices lower.
Related trading instruments: United States Oil Fund LP ETF (USO), Energy Select Sector SPDR ETF (XLE), Nymex Crude Oil Futures
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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- Oil: Where Is The Global Demand?
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