Oil Price Not as Simple as Demand and Supply

Crude market prices are continuing to seesaw rather heavily. From a price approaching $70 a barrel last week, it is currently hovering at around $65. Who is controlling the oil market prices and who is pushing it?

Oil producers continue underlining that the market fundamentals are balanced. There is no dearth of supplies. It’s the non-fundamentals that are calling the shots, they insist. While addressing the press conference last weekend at the conclusion of the Asian energy ministers forum, Saudi Petroleum and Mineral Resources Minister Ali Al-Naimi said that extra market forces from geopolitics to hurricanes and refining constraints all are impacting the oil markets
MENAFN