This is the second of a three-part look at why oil prices have failed to rally despite OPEC’s best efforts at managing supply cuts. Read part 1 here . So, why is everyone so bullish? Many oil analysts take as a fait accompli that OPEC-led production cuts thus far are key to balancing the crude market. If this is the case, though, why hasn’t it happened yet? But the bulls say give it time. In the long run, the market will balance. Everyone knows what Keynes said about the long run (that we are all dead). That the market is prime for a rally has become gospel truth. But isn’t something so paradigmatic just a little bit risky? “Oil prices will get better, and you can take that to the bank,” David Purcell, head of macro research at Tudor, Pickering and Holt, said at a recent Dallas conference. “The […]