You have to wonder why are they trying to artificially raise the price of oil?
What are they anticipating?
Could be an omen.
The anticipation is bankruptcy of the US Oil & Gas industry. A lot of geologist, geophysicists and engineers are losing their jobs, and the companies themselves are just trying to survive.
Also, a lot of long-lead time projects are being put on hold or abandoned, so when the price of oil eventually catches up with demand, it will be too late in the day and prices will spike on the high-side.
Who is trying to artificially raise the price of oil?
Kuwait says it expects OPEC to freeze production. April 17 meeting coming up. That plus the drop in reserves equal rise in price. Probably won’t last.