Wall Street Bullish On Oil Prices Despite Saudi Warnings

By Nick Cunningham Oil prices have given up some of the gains achieved since the OPEC deal was agreed to in late November, and confidence in the buoyancy of crude prices is starting to falter. There are plenty of reasons why: U.S. shale is coming back; OPEC cuts led to higher prices in December, but have had little effect since then; crude and refined product inventories are still extraordinarily high; and speculative bets are looking overly optimistic at this point. But the major investment banks tracking oil markets are surprisingly steadfast in their predictions…

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