Oil markets are passing through an interesting phase, flashing bullish sentiments and bearish trends simultaneously. Despite all the ‘crude’ gloom in recent days, some good news also seems to be pouring in from various quarters. Retrenchment and the lack of capital investment which the industry has seen over the past five-years could lead to shortages of crude eventually, argued David Messler in a piece written for Oilprice.com last June. The shortage could result in firming up of the market prices. Already, the United States is experiencing a continued decline in output. For the week ending August 14, the US oil and gas rig count, an early indicator of future output, fell by three to an all-time low of 244, Baker Hughes reported. That was […]