Is Dodgy Demand Data Driving Oil Prices Lower?

In the current month, open interest, or the total number of crude futures and options contracts that have not been settled, fell to a seven-year low, giving rise to OPEC ministerial and analyst concerns that the veracity of oil market price signals has been compromised.    Last week, the combined open interest of the four main Brent and WTI contracts fell below 4 billion barrels for the first time since June 2015.   However, analysts at Standard Chartered are not losing sleep over this data. According to the commodity experts, the…