Crude oil

The recent rally in crude oil prices may have come to an end, having been built on a house of cards.

The near month Nymex price dropped to US$66.73 per barrel on July 2, compared with a recent high of US$72.68 per barrel on June 11. WTI settled at US$33.87 per barrel on Dec. 19, 2008.

Market fundamentals have failed to support the recent rally in crude oil prices. U.S. commercial oil (including products) inventories increased by 4.4 million barrels in the week to June 26, to a new high of 1,109.1 million barrels.
FinancialPost