Oil prices have been showing signs of weakness in recent days as concerns over excess supply are starting to crop up once again, potentially slamming the breaks on an almost two-month period of optimism stemming from the OPEC deal. For a while, there were fears over OPEC’s sincerity in regard to the promised 1.2 million barrels per day in output reductions. While compliance won’t be 100 percent , Saudi Arabia is trying to single-handedly tighten global oil markets by cutting more than it promised back in November. Saudi output is down below 10 mb/d and could decline further in February as OPEC’s leading member takes on the largest burden of adjustment. While that news should have provided a jolt to oil prices, oil traders were likely spooked by much more damning data that came out of the U.S. in recent days, which pointed to a sharper rebound in U.S. […]