Are We Nearing An Inflection Point For Oil?

Current oil market fundamentals are under pressure, and if you are listening to economists, hedgefunds or Western governments, you may conclude that the sentiment is decidedly bearish. The current low volatility in oil prices is a sign of a potential economic recession. The ongoing debt ceiling debate adds another factor to uncertainty in oil markets, just after the U.S. banking crisis fears dissipated. While bears are currently making a lot of noise, the reality might actually be the opposite. There are indications that a potential bull market…