The question has been on many traders' minds: What is in store for crude this year?
With the record drop to $20 per barrel, many despaired that crude would fully recover, while others ignored the naysayers and kept their eyes on the prize.
For oil prices, 2016's outlook is iffy as concerns over a global glut stretch to cover more and more of the year. With U.S. rig counts falling, the country is forced to increase crude imports and thus feeding their hard-earned money back into Saudia Arabia and Iraq. This paints a negative viewpoint for U.S. production, at least, and will only continue to affect crude pricing. OPEC needs prices to go up if they want to stay in business, and global supply doesn't appear to be playing along.
With this in mind, is there any hope that crude will crawl back to its previous standings?
Due to these less-than-stellar points, we asked traders, "Crude oil has been extremely volatile since dropping 60% in 2014 and swinging 10% in weekly gyrations. Is the low in?"