Oil prices are still 42% below pre-July levels and fundamentals are still weak; only in the 1986 and 2008 episodes were oil prices at lower levels at this stage of the rebound. Sustained lower oil can still help support consumption and trade.
- The oil market adjustment was faster than expected.
- Better-than-feared 2015 supply imbalance was worth about 18% for oil prices.
- OPEC market share edged higher, supporting oil prices another 3.7%.
- The US dollar decline has boosted oil by 6%.
- The rise in speculative CFTC oil positions back to July 2014 levels explains another 4.7%.


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