OPEC walks a tightrope as oil prices near a record

… “The market is currently well supplied with crude oil,” said Thomas Hartmann, an analyst at Altavest Worldwide Trading. He pointed out that the U.S. entered the summer with a 15-year high in crude supplies.

…So why are oil prices near record levels again?

“What we’re experiencing is a restructuring of pricing for this valuable commodity,” said Hartmann. “The realization that oil is of endless supply, or of cheap supply, has ended.”