Crude Oil: High Supply Vs Low Demand Or Financial Crisis?

Crude oil price touched a 52-week low this week. "The last EIA storage report indicated 22-month highs. Until some of that crude oil storage evaporates, there will be pressure on the energy commodity market. There is questionable demand with a potential for a recession. Bank struggles could have implications for lending in the oil patch," says Robert Yawger. "The oil market is driven by financial concerns and not supply versus demand. Demand from China is picking up and demand for Russian oil is still strong," adds Ellen Wald.