What Will It Take For Oil Prices To Rise?

Economic doom and gloom remain the order of the day, so little wonder that hedge funds and other money managers spent the last week of September and the first part of October selling down their oil futures positions. After a series of attacks on tankers in or near the Strait of Hormuz and in the Red Sea this year, vessel seizures, and then the major strike on the key Saudi oil facility of Abqaiq, it appears that nothing short of a conflict directly affecting at least one major Middle Eastern oil producer will drive up the price of oil. OPEC production…