Can a bathtub explain the oil markets today? Some analysts not named Bill Gross believe so.
Trying to predict oil prices has become an impossible task over the past 12 months. After rebounding from the lows printed during mid-2016 the beginning of this year, the price of Brent has recently slid back to the mid-$40s amid concerns that OPEC’s actions to try and cap the oil glut are having little impact. What’s more, earlier this week in Russia announced that it would oppose any attempts to deepen oil production cuts already in effect.
Analysts at Berstein also believe that ‘earth-shattering' shale supply will counter the existing OPEC production cuts. The analysts estimate that non-OPEC supply will increase by 0.6...
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