The crude oil market was taken on a “bumpy ride” down a rocky road for much of this week, according to a commodities research note from Barclays Research, “as soft fundamentals and escalating tensions in Eurasia sparked price volatility.” “In the US,” noted analyst Michael Cohen, “high seasonal stock levels, growing production, and fall refinery maintenance could pressure domestic crude prices over the next 2 months and potentially shift [West Texas Intermediate] into contango.” Cohen said the oil supply-demand balance “continues to look weak,” adding, “Light crude production is set to grow in the coming weeks with the restart of the Buzzard field (200,000 b/d) and Libyan production progressing towards 800,000 b/d.” The New York Mercantile Exchange October crude oil contract dropped again on Sept. 3 after the previous day’s rebound, falling $1.09 to $94.45/bbl. The November contract declined 97¢ to settle at $93.71/bbl. The October natural gas […]