Gemma Acton | @GemmaActonOil prices traded lower in the early European session following the longest positive streak of the year for the commodity as analysts remained divided on where the price will head from here. Among the bears, Stephen Jones, chief investment officer (CIO) at Kames Capital says that oil prices are unlikely to rebound significantly from here given a supply glut and increasingly sophisticated oil extraction methods. Breaking out above those highs will require clear indications of significant rapid drawdowns in U.S. crude oil inventories. There’s OPEC and there’s U.S. shale gas and oil. U.S. is making shale oil like crazy and therefore the supply is greater than demand,” McGrade opined.

Source: The North Africa Journal April 11, 2017 15:11 UTC