Oil prices took a breather in early trading on Friday, raising questions over what will happen next. Can the rally continue, pushing Brent well into the $70s? Or will prices retreating, having already gone too far? Depends on who you ask. There’s no shortage of opinions on which way oil will go next, and consensus remains elusive. Bullish voices point to steady improvement in the fundamentals. Inventories continue to fall, with the EIA reporting another strong drawdown in crude stocks for the week ending on January 5. At 419 million barrels and falling, U.S. crude inventories have not been this low since early 2015. (Click to enlarge) Most major analysts, including the IEA and EIA, predict that inventories will resume climbing in the first half of 2018, but for now, the drawdowns continue to tighten the market. “The inventory report still shows that crude stocks are plummeting like a […]