The Brent oil price fell last night to $63.40 after Saudi Arabia declared record production. Even so, prices rebounded off lows and still look primed for more technical upside. Speculators are going long with plenty of room to move to the upside:
However, I still do no expect it to last. Shale producers are still raising heaps of cash:
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And in the mid $60s, Canadian oil sands are also back in business: