Oil Prices Plunge: Over-Reaction or Turning Point?

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Oil prices plunged yesterday. Is this an over-reaction or a turning point?

WTI futures fell $2.86 from $53.14 to $50.28 per barrel, and Brent futures dropped $3.81 from $55.92 to $52.11 per barrel. WTI is trading below $49 and Brent, below $52 per barrel at this writing.

The apparent cause was a larger-than-expected 8.2 million barrel (mmb) addition to U.S. crude oil inventories…

 

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