It is currency, not fundamentals, which have caused the oil price to correct.
"We've got an oil market which is very strong in fundamentals in terms of strong consumption and declining stocks. Both stocks of refined product and refinery intake crude oil are low relative to consumption. The price has been driven down by the very strength of the US dollar.
This correction in oil will come to an end when the rise in the US dollar comes to an end and the sell off of the Euro comes to an end. We are close to that time but we are not at that time yet."
I discussed this in my latest presentation to the network.
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