Oil PriceAs much as some on this post get excited wheh there is a surprise crude build, the crude price vector is destined to go up for the foreseable future. Two reasons:
1) Global demand is more or less steady but likely going up. All China talk is about slowing growth, not really consumption reduction. China's GDP growth was 6.3% in Q2...hardly a cause for panic.
2) The oil rig count in the US is only 525 now. Peak was over 1600 in 2014. You have to drill to pump. Curently the US oil industry is going through the DUCs but eventually the daily production will start to go down...and fairly fast.
Supply and demand laws will inevitably gain the upperhand.