The financial infotainment industry doesn't let the facts get in the way of a good story, especially when it comes to the oil market and its complexities. Recent articles hinting that Saudi Arabia and OPEC could reduce oil output to support pricing may attract eyeballs, but they represent shoddy journalism. Elevated inventories and the impending refinery turnaround season suggest that oil prices will suffer another leg down.
The doomsday forecasts for oil prices will have to wait a while. Despite uncertainty in Asia, the price of West Texas Intermediate (WTI) crude oil climbed to more than $100.00 per barrel--good news for North American producers positioned to benefit from this trend.
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