The writing is on the wall for Opec: It needs to cut more

Crude's cascade into bear market territory could be down to algorithmic and technical selling

Brent and WTI are in bear territory, having crashed 22% from the year's highs. You can call crude over-sold, you can put it down to technical and algorithmic trading. But you can't ignore the fact that it is more than just fickle, volatile sentiment this time: the OPEC/non-OPEC cuts may be removing up to 1.7 million b/d from the market, but the growth in US, Libyan and Nigerian output is putting more than 1.5 million b/d back, leaving net reduction at less than 200,000 b/d. 

Of course, the producer group could continue advising patience to the world for the elusive