Oil prices continue to show strength, despite a fundamental set-up that argues for lower prices, not higher. Prices are higher this morning, for example, despite Chinese GDP of 7% that is the slowest rate of growth since the financial crisis. We detail aspects of the slowing global economy in the Macro section, above. The IEA is out with its monthly report, which is showing more of the same, in terms of the supply-demand balance. The agency does claim that some signs of rebalancing are occurring, but acknowledges supplies continue to surge.
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