The breakout in Brent crude prices above $80 this week has prompted analysts at the sell side banks to start talking about a return to $100 a barrel oil . Even President Trump has gotten involved, demanding that OPEC ramp up production to send oil prices lower before they start to weigh on U.S. consumer spending, which has helped fuel the economic boom over which Trump has presided, and for which he has been eager to take credit. But to hear respected petroleum geologist and oil analyst Art Berman tell it, Trump should relax. That’s because supply fundamentals in the U.S. market suggest that the recent breakout in prices will be largely ephemeral, and that crude supplies will soon move back into a surplus. Indeed, a close analysis of supply trends suggests that the secular deflationary trend in oil prices remains very much intact. And in an interview with […]