“This must have caused money managers some pain,” Ole Sloth Hansen, an analyst at Saxo Bank A/S, said in the article. “Calling the bottom of the market is one thing, but actually finding it is something else.”

WTI crude oil futures were trading around $75.5 per barrel Monday while Brent crude oil futures were hovering around $79.1 per barrel.

Oil prices has been falling as U.S. output reached a three-decade high, which exacerbated the global glut, and demand dipped due to a slowing global economy. [Oil ETFs Languish Under Extended Bearish Outlook]

“The market is under incredible pressure and it will stay that way until OPEC takes decisive action,” Rob Haworth, a senior investment strategist at U.S. Bank Wealth Management, said in the article.. “There has to be something that changes the story, which is that there’s too much supply.”

United States Oil Fund

For more information on the oil market, visit our oil category.

Max Chen contributed to this article.

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