Crude levels declined for a seventh straight day, ending at a two month low Thursday as concerns of oversupply and low demand persist. Light, sweet Crude Oil for January delivery on the New York Mercantile Exchange settled down 13 cents at $70.54, the lowest level since Oct. 7th.
With renewed attention to supply and demand, confidence that demand in the world's biggest energy-consuming country is recovering is deteriorating. With gasoline supplies at the highest level since April and a stronger Dollar, investors' appetite for commodities continues to decline. With few fundamentals supporting high Oil prices, there is room for Oil level to decline further.