Investor bets against the oil price are piling up at breakneck speed, the market is still buckling under the weight of excess supply for a third year in a row, but has bearish sentiment got out of hand? The price of a barrel of oil has dropped nearly 20 percent between January and June and is closing in on its largest slide in the first half of any year in the last 20 years. Geopolitical tensions in the Middle East, a near-2 million barrel per day cut in output by the world’s largest producers and the seasonally strong summer demand period in full swing have not been enough to rescue the price from its lowest level in seven months. A bear market is theoretically defined by an asset price falling by […]