Bullish sentiment has taken over oil markets, with long positions outnumbering short positions by 13 to one as OPEC resists pressure to ramp up production. Chart of the Week – With ICE Brent spiking above $90 per barrel earlier this week, the focus of the oil industry is increasingly on stock changes across the globe as inventories in OECD nations plunged to a 7-year low. – Commercial crude stocks in the US have seen some optimism lately with another stock build expected this week, but combined crude and product stocks are still some 100 million barrels below the 5-year range. – The historically below-average levels of crude inventories are in a large part a consequence of OPEC undershooting its supply commitments. – According to Reuters data, OPEC+ missed its oil production target by an average rate of 800,000 b/d last year as most countries have hit their spare capacity […]