Oil will go back up when winter hits. Traders are concentrating on crude stocks, and ignoring distillates - heating oil etc, this changes in winter time. Also air fuel increases in demand over the northern winter because of the holiday season. Inventories of crude have increased, but distillate stores have been dropping for some time. There is a looming strike in Nigeria, and Iraq, well, what can I say. The Gulf of Mexico is coming on stream again after the hurricane season, but is still 13% below where it should be. Whitchurch will probably give you a different answer but that's mine.
