The Oil Market Isn’t Buying The Bullish Demand Forecasts

This week, both OPEC and the International Energy Agency (IEA) revised their oil demand forecasts higher, citing record Chinese consumption and resilient economies.   Oil market participants, however, focused on rising U.S. crude oil inventories, record American oil production, weaker Chinese refinery and economic data, and the first drop in U.S. retail sales in seven months, as negative sentiment persisted and dragged down oil prices to a four-month low.  The WTI slide below $75 per barrel and the move down in Brent to well below…