Oil prices may have had an impressive rally this year – until last week – but the longer-term trend looks downbeat. “Deflationary forces are gathering momentum,” Morgan Stanley analysts wrote in a new report. The most recent jump in prices through mid-May came largely as a result of geopolitical risk and supply outages. Rising tensions in the Middle East and disruptions in places like Venezuela and Iran are showing no signs of going away anytime soon. These geopolitical factors will keep some upward pressure on oil prices…
