Oil prices fell on Thursday, with U.S. crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel.
Rising U.S. stockpiles served as the most visible evidence of oversupply in oil markets.
Goldman Sachs said on Thursday there remained a downside risk to oil prices “as storage utilization continues to climb.” The bank added that “we don’t believe that current prices present an appealing entry point.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.