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Choking on oversupply, oil could fall another 10 percent

VIDEO3:5803:58
Oil market in bearish trend

Even with geopolitical tensions running high, the oil market has become more bearishly positioned than it's been for several years, and prices could fall another 10 percent or more.

Brent crude, the international benchmark, fell through $100 for the first time in 16 months Monday, as Chinese import growth fell unexpectedly for a second month. Besides softer demand from China, the developed world is using less oil in general as a supply glut grows in the Atlantic basin.

As a result, crude is being stored for future use, and for the first time in several years, oil is traversing the globe on tankers, waiting for a market.