For a while now, crude prices have been driven largely by demand, both existing and forecast. Supply has been quite tight, but that has been offset by expectations for an economic slowdown, particularly in the US. Over the last few weeks, though, the view in that regard has begun to change. So much so, in fact, that OPEC issued a bullish demand forecast this week. Of course, the cynic would say that that is no surprise, given that the cartel exists primarily to support oil prices. Back when I worked in dealing rooms, talking your book was a common…
