Fundamentals justify crude oil price surge

The oil market`s buoyancy is beyond the wildest dreams of most oil executives, and what`s more, market fundamentals are beginning to justify the recent surge.This is the view of London`s Centre for Global Energy Studies (CGES), which said that the oil market is actually overheating, making a rise in output from the Organization of Petroleum Exporting Countries welcome.The price for Brent crude oil has been in the $18-19/bbl range for several weeks now, and in London trading on July 19, the closing prices were $19.70/bbl for dated Brent and $19.35/bbl for September-delivery Brent."We are now entering a period in which the fundamentals are at last pointing oil prices in the same direction a...

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