Today is the third day when WTI is testing key support area around $43/barrel and so far bulls haven't given in to gravity.

In spite of recent report from US Energy Information Administration (EIA) over slowdown in US oil production, global supply glut remains at large.

Russian state owned oil producer Rosneft announced there would be no cooperation deal with OPEC to cut back production. Moreover since weaker Rouble has pushed their oil production cost to less than $5/barrel, they are in good position to fight with OPEC.

With global cooperation broken Crude oil market is now facing an additional headwinds, slowdown in China. Crude market is now at twin risks, subdued demand and oversupply.

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