Pop goes the weasel. How quickly things can change in the oil market. In less than two months, the oil outlook has swung from strongly bullish to decidedly bearish. Only six weeks ago, a cross-section of analysts had forecast oil prices to remain buoyant for the remainder of the year courtesy of an expected OPEC squeeze and geopolitical turmoil in key supply locations. Some even predicted that an improving economy and Iranian sanctions could propel Brent to $100 per barrel in a matter of months. And, now some mea culpas are in order. Fast forward to the present and oil prices have unexpectedly cratered : Since then, Brent is trading down around 13 percent to $62.33 per barrel; while the U.S. benchmark, West Texas Intermediate (WTI), has slumped 16.3 percent to $53.17 per barrel thanks to a confluence of unfavorable factors. Oil markets have effectively slipped into bear territory, […]