Tuesday, July 22, 2014 11:16 AM
WTI has bounce sharply over the past week from an oversold dip below $100, but Brent has not bounced as much and spreads are narrowing. Historically, narrowing spreads are negative for oil prices overall. The XEG has not budged relative to the bounce in crude futures, which is another caution signal. Geopolitical risks in some OPEC hotspots like Libya are always tough to forecast as are hurricane ...