Minor Bullish Signals Do Not Back Up Long Term Oil Price Rally

The main action this month has been on the oil price that continued to slide. Both WTI and Brent set new post-crisis lows but saw sharp reversals on 27th and 28th August last week. This is a story still unfolding that is discussed in greater detail in the caption to Figure 1 (below). Global oil production data remains in its up trend although there are signs from the regions that this may be slowing and reversing. Monthly data revisions continue to obscure the real picture.

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