The downward trend in Brent and WTI crude showed no sign of slowing Monday, as poor demand and high supply continued to weigh on prices. “The oil market has been in a downtrend since the middle of June,” said Tamas Varga, analyst at PVM. Struggling global economic growth has slowed oil demand, he said, while political shocks in the Middle East and Ukraine have failed to limit oil supplies. JBC Energy said the weakness is likely to continue for the rest of the year, largely because European and Chinese demand has slumped, and supply continues to ramp up from Libya and Iraq. “Looking at the price developments of the past few months as well as at West African crude differentials, it is evident that something sizable has happened to the Atlantic Basin crude balance,” the energy consultancy wrote in a note to clients. “Given our current […]