Why are oil prices so low?

So, the question now becomes:
Which will we see first: 40 or 60?

 

I only know what I hope. The rest is guessing. I mainly look at Brent though.

Both contracts dropped quite a bit today.

What do you think?

 

40

Put it out there, brother Faire...what do you say?
It's just a guess.
No big deal.

 

If by 40, you actually mean 40, I'd say we'll see 60 first. : )

 

Edmonton Crude Oil Storage Hits Record High; Alberta Storage Builds in Preparation for Connecting Pipeline

 

Google this: npr so much oil flowing

 

Why isn't oil dropping then?

 

Prices creeping back up since the last bearish call here...

 

Never become over exuberant, brother Faire.
Never become over exuberant.
Mr. Market will let you down sooner or later.
Up or down, keep steady, brother Faire.
Keep steady.

 

Why would you assume I was exuberant? Far from it.

I'm just seeing a lot of bearish news and oil has already settled in a range. Much, if not all of it is already priced in, I think.