Crude oil prices remain anchored near a cycle low with Brent crude hovering near $70 per barrel while WTI has slumped back below, currently trading around $68. The main driver continues to be concerns about the global growth and demand outlook, not only in China, the world’s biggest importer, but also the US and other key consuming regions. This focus has led to selling in the crude oil market from macroeconomic-focused funds seeking a hedge against such a slowdown. Inadvertently the market is once again on a collision course with some of the major producers, led by Saudi Arabia, who have yet to see any price ... (full story)