losing almost 20% in just 7 sessions.

在七季度內獲利掉了大約 20% 。

That's been driven in part by continued concerns,

這是因為持續的憂慮驅使，

leading all the way back to the middle of 2014 to currently about supply overtaking demand.

可回溯到 2014 年中期供過於求的狀況。

However, past demands had been relatively robust up until now,

然而，過去對於石油的需求一直都相當強穩，直到現在，

we are starting to see signs of slowing demand growth in key countries including the US and China.

我們開始看到在主要國家像是美國和中國地區，有需求漸緩的成長跡象。

China's relationship with the oil price is key.

中國與油價之間的交互關係是關鍵。

China has driven global demand growth over the past decade, so any slowdown that we see in China's consumption of crude,

在過去十年裡，中國一直帶動著全球石油需求成長率，因此任何我們看到的在中國原油消費量趨緩，

even if it continues to rise we just need to see that growth slow that will provoke a real concern to the oil market.

即使它繼續上升，只要我們看到那成長是緩慢的，那都將在油價市場觸發相當嚴重的疑慮。

OPEC, the oil producers cartel, is reliant on rising global demand growth,

石油輸出國組織，石油供應國的卡特爾，十分仰賴全球石油需求的上升成長率。

in order to absorb the surface and hopefully start see the market stabilize at a higher level later this year.

為了吸收表面並希望在今年能夠開始看到市場高度趨穩。

In the short run, the oil price can become unbounded.

短期之內，油價可能是無法明確被約束的。

If it falls below the $30 a barrel mark,

若它跌落到一桶三十美金，

we could see further selling and traders trying to target at $20 level,

我們可以預見更多銷售交易商嘗試把目標設在一桶二十美金的地方，

which some investment banks including Goldman Sachs, Citi and Morgan-Stanley have all said the possibility in an extreme scenario.

這包括一些投資銀行像是高盛，花旗和摩根士丹利都表示在極端態勢下就有這個可能性。

Whereby either storage tanks become too full,

因此無論是石油儲桶太滿，

or currency movements lead to greater pressure coming on the oil prices as a result of the strength in the dollar,

或貨幣走勢，因為美元急升對油價造成很強的壓力，

hitting all dollar-priced commodities.

對所以以美元計價的日用品造成衝擊。

However, we may also start to see more projects shutting in around those level,

無論如何，我們也開始看到更多計畫或建設因這些原因停擺，

which could provide a degree of stability for the price.

這也許能夠在一定程度下提供價格穩定的基礎。