Oil’s Wide Price Swings Have Ignored True Fundamentals

The oil markets have been extremely volatile over the past couple of weeks, with wide price swings in either direction on no significant news and despite supportive fundamentals–right up until the OPEC+ meeting delay, where fear of cartel disorder trumped all, sending oil spiraling downwards.  But what was happening right up to that point was interesting. Front-month Brent settled at USD 80.37/bbl on 20 November after trading across a range of over $6/bbl from $76.60-82.90/bbl intra-week. Prices fell by $6/bbl intra-week and then rebounded…