Expect oil to slide to $60 a barrel

The oil market's lousy fundamentals are starting to take their toll. US futures have fallen to a seven-week low, and demand remains low.

The oil market's lousy fundamentals are starting to take their toll: US futures have fallen to a seven-week low under $75 a barrel. The world's largest energy consumer "looks like it's having a hard time sucking down oil", says Phil Flynn of PEGBest.

Overall US demand (for crude and oil products) is still down by 3.2% year-on-year and oil imports have sunk to their lowest level since 1990. Meanwhile refineries are running at just 80% capacity for only the second week this year.

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