The oil market is undergoing a stunning reversal, with oil futures cutting off gains this year after hitting the highest levels since 2014 just six weeks ago.
The recoil roots can be traced back to the latest rally. At the height of the race, many energy analysts said oil prices should never have risen so fast.
Oil futures rose to a four-year high on Oct. 3 as the market prepared to renew US sanctions on Iran, OPEC's third-largest producer. As of September, the threat of sanctions knocked out about 800,000 barrels a day from the market, fueling speculation that some oil importers would find it difficult to find supplies.