| Having stabilised during the spring, crude oil is experiencing a summer swoon. The Brent oil benchmark has dropped to the mid-$50s a barrel after averaging about $65/bbl during Q2, while West Texas Intermediate is barely holding $50/bbl, about $10/bbl below its average in the second quarter.
And this sell-off has hit not just the flat price but is extending further out the curve: December 2018 Brent, for example, has dropped below $70/bbl, which is lower than it ever fell during the worst of last year’s crude collapse. The concerns that have driven prices lower are easy to find, but beyond the headlines they are hard to take too seriously. Take demand first...............................................Full Article: Source
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