| May felt like a déjà vu month in the oil markets with crude attempting another rally, much like the one we saw in February, albeit at slightly higher levels, and once again failing to lift off. A strengthening US dollar and renewed focus on bearish supply-side fundamentals took the bounce out of Brent, which at one point in early May was perched at the year’s high within sight of $68/barrel.
The 5 June decision by the Organization of the Petroleum Exporting Countries (Opec) to leave its production ceiling untouched—predictable as it was—dragged the benchmark light sweet crude back to $62/barrel levels as the second week of June got underway...............................................Full Article: Source
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