Oil: world bank forecasts 2016 average of $42bbls

Oil has plummeted again and bulls are growing tired of attempts to regain traction back towards $50.

Despite yesterday's spike from $44.66 to $46.05 highs on the back of the  inventory data, continued fears about a possible economic slowdown continue to weigh on the value of the industry.  Also, the world bank recently put out their forecasts for oil, the crude would trade on an average of $42bbls during the rest of 2016. The price has dropped through the supporting ma's converging around $45.50 and has made a subsequent low of $44.78 from $46.06 highs. USD/CAD has remained resiliant and trades at $1.3031 between $1.3079 and $1.3022 lows.