Where Is Crude Oil Headed? A Look at the Bull and Bear Case

Crude oil prices have plunged more than 15% so far this year to below $30 per barrel earlier this week. The decline has many traders trying to call a bottom in the market. While oil bulls have burned through billions of dollars in the process, the opportunity for a rapid snapback in oil prices remains tempting. Those betting on a decline in oil prices have of course fared much better, making a significant return on their capital over the past several quarters.