WTI oil prices continue to hover near $60, ignoring the pull of bearish factors on the supply side of the equation. The major oil output surveys from EIA, IEA, and OPEC have calculated that inventories are rising at a rate of upwards 2.0 million bpd in Q1, with a similar amount building per day in Q2. In this week’s EIA report, it seemed to be overlooked that US production actually rose slightly, week-on-week, even with the steadily falling rig count. Of course, production by a almost a million barrels per day year-on-year.
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