Oil Bears Are Taking Over Control

Brent crude fell back below $59 this week as the world moved on from Saudi production outages and back into its increasingly familiar negative macro funk. Oil is now trading below where it was prior to the drone strikes on Saudi production facilities and we remain amazed that this event- which knocked out 5.7m bpd of supplies- has failed to have any sort of lasting bullish impact on crude prices. For now it seems the negative global economic factors impacting the oil market are simply too strong to allow for any sort of upside risk even in the…