The oil price has taken a beating over the last year. Brent crude oil – used to set the price of about two-thirds of the world’s internationally traded oil supply – hit a cycle peak of $122 per barrel in June 2022. And is now $76. That’s a roughly 36% decline in one year. But I’m not surprised. In fact, I’ve argued for months that oil would sink lower amid weaker global demand and fading momentum. There’s simply too much supply relative to demand (especially with China’s lackluster ‘reopening’). And most importantly, no matter how many times pundits claim that Saudi Arabia and OPEC (Organization of Petroleum ... (full story)