Chart of the week: oil glut looks set to endure

Oil slipped further in 2015, and has now fallen by 66% since mid-2014. Saudi Arabia, which is trying to throttle unexpectedly resilient US shale producers to safeguard market share, certainly doesn’t appear to be counting on a major rebound, and is digging in for the long haul.

775-COTW

Oil slipped further in 2015, and has now fallen by 66% since mid-2014. Prices have ticked up in recent days amid tension between regional heavyweights Saudi Arabia and Iran, but the fundamentals suggest a sustained rebound is unlikely for now.

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