THE OIL MARKET: TO TURN OR NOT TO TURN?

Even for those who were expecting a firm market in the wake of the OPEC production decision at the end of June, the recent jump in spot oil prices has come as something of a surprise. The price bonanza is riding high on the waves of international fallout from the prevailing tension in the Gulf; but one can only wonder how long it can last, bereft as it is of any real grounding in tightness of actual supply.

At least as far as paper barrels are...