Dark clouds for oil prices as global excess supply of gasoline lurks

There was increased worry about how long the rise in oil prices would hold. The positive turn around in oil prices (which saw oil prices recovering from its 12 years low) looks like it will not last for long. This is as we see a possible excess supply of gasoline globally.

Brent oil prices had pushed up coming from the lowest points it had dropped to since two months. This was as there was improved global demand from refineries around the globe. This recent rise in oil prices had raised high hopes that the great decline in oil prices owing to excessive global supply would soon be coming to an end.

Yet the chances of the oil maintaining its recovery for a long time is not that solid as there is the almost excessive production of oil products from Asia. This is worse as a number of gasoline importing countries are now exporting as we still have the global supply output for oil beats the demand.

Notable analysts of the market from Barclays predicted that there is yet the potential for oil prices to drop even further in the closest months to come.