The price is right

摘要

Venezuela's oil output falls steadily. The nuclear deal with Iran appears doomed. Analysts and diplomats fret that another conflict between Israel and Hezbollah is looming. Opec shows no sign of ending its cuts. Demand is strong. Non-Opec output is soaring. A global trade war seems imminent. These are grounds for significant oil-price volatility. Yet the most telling feature of the market is its relative calm.