Oil bulls just can’t seem to catch a break. After prices were hammered at the end of last week on higher investor figures, this week it has emerged that OPEC production reached a new record last month. And to compound the misery, today the International Energy Agency issued a report claiming that oil demand growth is set to slow next year. Together these two developments indicate that the oil market is unlikely to return to balance anytime soon.
Also see Andy Hall: Saudi “Rockefeller” Style Plan on Oil Could Backfire …
Oil bulls: No relief in sight
The OPEC Monthly Oil Market Report released on Wednesday 10 August, reports that OPEC output rose in July by around 47,000 barrels of oil per...
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