Oil Prices Crash on Demand Concerns, Analysts Split on Fundamentals Versus High Prices Driving Drop

Oil prices have crashed recently, with WTI falling to $82.50 and Brent at $84.23 due to climbing fuel inventories and demand concerns.

Standard Chartered believes the oil price drop is temporary, seeing anything under $90 as unsustainable based on fundamentals.

JPMorgan analysts believe demand destruction is already underway, justifying the price drop.

Saudi Arabia and Russia have maintained voluntary supply cuts to support the oil market.

Analysts disagree on whether the price crash is due to poor fundamentals or demand erosion from high prices.