Oil rebounded this week with Brent crude recovering to above $42 and WTI following the same trajectory, finishing the week at $39.75 per barrel.
The recovery came on the heels of the first weekly decline in six weeks amid a huge sell-off in the futures markets that coincided with a major equities retreat.
The monthly reports of both the International Energy Agency ((IEA)) and OPEC show OECD commercial oil stocks at historical highs above the five-year average. They also indicated a sharp downward movement in petroleum refined products prices.
However, Brent crude managed to recover