Oil Could Fall Toward $20, but Not for the Reason You Think
Monday, January 11, 2016 8:30
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It’s more about the dollar than a global glut of crude
by William Watts
Market Watch
The oil-in-the-$20s club just got a new member. But Morgan Stanley’s case for another leg lower has less to do with a global glut of crude than it does with a strengthening U.S. dollar.
In a Monday note by analysts including Adam Longson, head of energy commodity research, Morgan Stanely argues that traders have put too much of the blame for recent weakness in commodities, especially oil, on market fundamentals. Instead, they contend that the primary driver over the last several months has been a strengthening U.S. dollar.
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