Oil glut meets rising demand in quietest market since 2013
Crude trades in US$5 range in June, the narrowest in 19 mths
Sat, Jul 04, 2015 - 5:50 AM
RANGE BOUND: After rallying from March's six-year low, crude's upside has been capped by the Opec's pledge to keep pumping more crude and rising US output despite the unprecedented drop in drilling rigs.
THE sleepiest oil market since 2013 will probably limp through the second half of the year as well.
Crude traded in a US$5 range in June, the narrowest in 19 months. Volume was the lowest since December and open interest - the number of futures contracts outstanding - was...