By Dian L. Chu, EconForecast Since the start of the New Year, West Texas Intermediate (WTI) crude oil have been moving with significant bearish sentiment (See Chart) mostly on a lot of profit taking going around in the commodity space, and also on concerns over the high inventory and that supplies would exceed demand. The latest jobs report only further fanned the pessimism. However, there are two new events that could turn the market around quickly before you can say “what happened?†Shutdown – Canadian Upgrader First, there was a fire on Jan. 6 at an oil sands upgrader…
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