After a prolonged oil price plunge, pushing price levels down to around $59 Brent per barrel, signs are showing that the market believes the downward trend has overshot its target. Concerns about global demand and supply have been wreaking havoc, based on assessments that the ongoing China-US trade war will put a major dent in demand. At the same time, U.S.-based oil storage volume reports showed a significant increase, killing off the bullish case for oil. Despite this, OPEC+ refused to react, simply stating that the oil cartel and its Russian supporter were not willing to take appropriate measures to quell the confidence crisis in the market. Up until now, OPEC+ has seemed to be willing to take the wrath of Washington and others for keeping to its existing production cut agreement. There are even signs that the oil producers are considering a rollover of the production cut agreement […]