Are Oil Prices Nearing a Bottom?

The recent decline in the price of oil has been among the swiftest ever. Crude prices have tumbled 22 percent so far this quarter, their steepest slide since the end of 2008, back in the deep, dark days of the financial crisis. Things are bad now for sure, with Europe on the brink and an underwhelming U.S. recovery. But are they Lehman Brothers, Bernie Madoff, AIG bad? Probably not. And there’s growing evidence that oil prices may be approaching a bottom.

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