Oil price deadlock with only $4 price band

The narrow range has been in play since April while contradictory views have been pulling and pushing at prices

Oil prices continue to trade within the narrow range that has been in place since late April as contradictory views of an oversupplied versus a tightening market have been pulling and pushing at prices on an almost daily basis. The rises and falls have largely been in a $4 price band, with Brent trading between $64-68 per barrel (b) since 23 April. Brent was pegged at around $65/b as Petroleum Economist went to press, while WTI was hovering at about $59/b. Slowing US light, tight oil supplies pushed WTI 14% higher in April versus March, roughly twice the increase in Brent.  In the supposed stand-off between Opec and US light tight oil, US producers appear to have blinked. The relentless rise