Oil prices are up Tuesday as the markets continue to grapple with the fallout of the Doha production-talks fiasco. At 0800 GMT, Global benchmark Brent was up 1.42% at $43.52 a barrel for June deliveries while its U.S. counterpart West Texas Intermediate was up 1.56% for $40.40 on the New York Mercantile Exchange. Analysts and observers are in agreement that while the lack of an oil production freeze agreement had an immediate negative impact on sentiment, the underlying supply and demand fundamentals soon took over and started to chart their own respective courses. The London-based Energy Aspects said in a note that oil balances are on the mend with or without a production freeze from major producers , but added that finding the market equilibrium will take time. “We aren’t swinging from a huge oversupply to a huge deficit in crude overnight…this is only likely to happen later in […]