Brent oil has breached the technical and psychological barrier of $60, while WTI inched up to $54. The bulls are relishing in the excitement of rising prices. But there’s one pressing question: Is this rally sustainable? The bulls might have to proceed with caution. Recent figures indicate a build-up of 856,000 barrels in crude inventories, with U.S production surging by 1.1 million bpd last week , to a total of 9.5 million barrels per day (bpd). Despite rising production, Baker and Hughes reported a fall in rig count by 4 . The total rig count now stands at 737 . A driving factor behind the price rally was comments from Saudi Oil Minister Khalid Al-Falih, as he told the world that they will do “whatever it takes” to bring crude inventories back to normal and rebalance the oil markets. The comments were echoed by Crown Prince Mohammed bin Salman […]