A trade truce with China and a sham election in Venezuela is a strong indication that we will continue a path of strong demand and tighter supply in the global oil market. I am not trying to be so simplistic but if the U.S. continues to trade and negotiate with China, both economies will benefit in increasing demand expectations. In Venezuela, the election of Nicolas Maduro who allegedly won a new 6-year term as president will cause a total collapse of the Venezuelan oil industry leaving a void of heavy crude oil that will be almost impossible to fill.
From:: Resource Investor