We begin by taking a quick look at some of the critical figures and data in the energy markets this week, which show that renewed concerns about the supply glut and an increasing rig count have kept oil prices in check over the last week. The latest data also suggests an increase in U.S. oil production after various weeks of declines. (Click to enlarge) (Click to enlarge) (Click to enlarge) Oil prices bounced around this week, falling back on renewed concerns over a supply glut, but at times regaining ground. The IEA struck a negative tone regarding elevated inventories of both crude oil and refined products, and the high levels of storage will likely prevent a strong price rally in the third quarter. However, at the same time, the IEA said the market is moving closer to balance, and the Paris-based energy agency even issued a seemingly […]