The oil bulls are very content with the Vienna deal, its success (hitherto) and the prospects of another extension. The coming summer driving season is sure to boost this bullish sentiment as demand looks set to jump. Trump’s recent political reshuffle and the impact that may have on the termination of the Iran nuclear deal and the associated geopolitical tensions in the Middle-East add still more upside for prices. Oil bears can counter these arguments by questioning the longevity of the Vienna oil deal, pointing to the rising prospects of trade war between China and the U.S., and highlighting the incredible growth in U.S. shale production. For the rest of the year it will be the inter-play between these bullish and bearish factors that control where prices go. Let’s be honest. Of-late, bulls have largely dominated the market while bears appear to have gone into hiding. The bullish factors […]