one-off upward exertions of pressure, (i.e. report of strong
U.S. GDP growth and geopolitical related supply disruptions
in Libya) oil prices continue to languish in the mid $50.00
per barrel range. Indeed, amid speculation that a
current global supply glut will continue through the first
half of 2015, crude futures are currently trading at their
lowest level in more than five years. With OPEC's
recent decision not to cut production quotas, coupled with
the continued growth of domestic U.S. production, global
supplies continue to outpace demand.
related fashion refined product market prices continue to
fall as well. Both gasoline and diesel futures and
pump prices are currently trading at their lowest level
since May of 2009.