Market mind games


It’s been an erratic year for oil price forecasters. Capital market analysts on both sides of the Atlantic opted for the view that the price would be demand-driven. So predictions of sluggish economic growth worldwide, especially in Asia, led the money men to suggest New York Mercantile Excahnge (Nymex) West Texas Intermediate (WTI) crude prices this year would fluctuate around $18–20 a barrel (bbl). The Brent crude oil price averages about $1.20/bbl less.

This view seemed vindicated by WTI pric