Jim Dietz

The dichotomy between oil demand and oil's price continues. The International Energy Agency cut its global oil demand outlook for the eighth straight month in May, due to the U.S. and global recessions. The IEA now expects daily global oil demand to total 83.2 million barrels per day (bpd), down...

By all rights, the price of oil should be declining right now. Oil inventories are above three-year levels. Land-based storage tanks are getting so full that oil producers are storing oil on tankers at sea. And yet, the price of oil is rising, hitting $58.57 per barrel, up $2.02 Thursday, its...

It's a disconnect that has some oil traders shaking their heads, even while other oil industry pros say the condition is warranted. Oil is sloshing around in global markets, but its price remains relatively high at around $50 per barrel. Case in point: Rotterdam, Europe's largest port, is running...