Bears Still Rule Oil Market, But for How Long?

Last week, the oil market had a fit of anxiety after Iran fired missiles at Israel as everyone waited for Israel’s answer. Oil bears had a bad week, having to cover their short positions as the benchmarks jumped. But it was over quickly. China’s economic data was released, the IEA and OPEC published their latest oil market forecasts, and prices slumped right back down. The bears are firmly dominant in the oil market—but it is a fragile dominion. OPEC said in its latest Monthly Oil Market Report, published earlier this week, that…