Oil has rallied sharply in recent days to see West Texas Intermediate (WTI) trading at just under $70 per barrel and Brent breaking through the $70 per barrel mark, with crude trading at its highest price since 2014. The surge in oil can be directly attributed to a wide variety of geopolitical risks which are sparking considerable fears that global oil supplies could be sharply constrained in coming months. This has triggered considerable speculation that $100 per barrel is on its way. According to some pundits, the bearish factors which have weighed on oil prices for some time have been priced in by the market. Nonetheless, the perception of geopolitical risk and how it is driving oil higher appears to be overbaked and there are a range of threats to the $100 per barrel oil narrative. Key is that U.S. oil production is expanding at a rapid clip. The […]