Oil market passes cyclical peak: John Kemp | Reuters:
The recovery in oil prices since the downturn of 2014/15 looks a lot like the upward adjustments that followed the slumps of 2008/09 and 1997/98, which could provide clues about what happens next.
The oil market is strongly cyclical, and although no two cycles are the same, they often show similar characteristics (“Cyclical behavior of oil prices”, Reuters, June 4, 2018).
Spot prices and calendar spreads exhibit cyclical movements that correlate closely with the market, alternating between periods of under- and over-supply (tmsnrt.rs/2CXAFBR).
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