Fake News Or Fundamentals: What’s Driving Oil Prices?

Following the Saudi Energy Minister’s comments about the “disconnect” between oil fundamentals and oil prices, more OPEC officials have spoken out about what they suggest is fake news that is misleading the markets. In its latest report, Standard Chartered describes OPEC ministerial concerns about oil price volatility as “primarily straightforward appeals for higher prices”. At the same time, Standard Chartered’s bull-bear index for U.S. oil data has fallen week-on-week to -43.2 due to disappointing demand. …