Oxford Institute: Don't Expect A Supercycle In Oil

The markets are not headed to a new supercycle in oil, and $100 a barrel oil is still a very distant possibility unless major unexpected market shocks occur, analysts at the Oxford Institute for Energy Studies (OIES) said in their latest monthly short-term outlook. Despite the rising prices so far this year, and despite the expectations of improving global oil demand, especially later this year, the market is still missing key triggers of an oil supercycle, OIES researchers and economists noted. As oil prices rallied earlier this year, some banks,…