Europe, the US and China, versus a simmering geopolitical climate, this is the fulcrum on which the market balances. How well or poorly are the major oil-consuming economies doing? As long as talks with Iran are either occurring or going to occur takes some of the heat away from that condition, but it is still there. Alternatively, the needle on the gauge of global macroeconomic sentiment seems to be hovering only marginally past the “just OK” mark. This has been the divide for some time. Strategic positions have been staked out on either side.
Energy Overview — TotalView™ of the Energy Markets