“We’re looking at a market that’s still in a very slow process of rebalancing and we don’t think that you’ll get a sustainable deficit until the second quarter of 2017,” said Hsueh, who sees oil at $53 next year. “Those deficits are necessary to draw down global inventories, but that will still take until the end of 2018, it appears.” WTI fell 22 percent from early June to Monday’s close, taking it past the 20 percent drop that characterizes a bear market. So ends a recovery that saw prices almost double from a 12-year low in February. The grade traded at $40.55 at 12:21 p.m. in London, having dipped below $40 earlier in the day. Supply disruptions from Nigeria to Canada that cut into the global surplus have abated.
American Dollar to Canadian Dollar = 0.742575; American Dollar to Chinese Yuan = 0.145296; American Dollar to Euro = 1.117343; American Dollar to Japanese Yen = 0.009102; American Dollar to Mexican Peso = 0.052307.