OIL PRICES: $45 - $50
At first glance, oil prices have rallied -- a lot.
Look closer, however, and the market is still pricing the "lower-for-longer" mantra, much as it did at the beginning of the year.
Front-month futures for West Texas Intermediate, the U.S. benchmark, have risen 21 percent this year, but the recovery looks very different if you focus on the longer term. The five-year-forward WTI contract fell 2.6 percent over the same period, reflecting the view that shale oil production could rebound as prices recover, capping any rally.
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