Saudi Arabia

Crude oil demand seems to be exceeding supply, suggesting that the global economy might not be as slow as feared or that global production is falling faster than global demand.
Oil is stuck in a big trading range. A range we expect will eventually lead to an upside breakout. We believe that because U.S. oil demand is near record highs, crude supply will fall below the average range in just a few weeks and that U.S. crude production numbers are too optimistic and weak demand projections are too pessimistic.
Geopolitical risk is still out there and OPEC delivered a downbeat oil market outlook for the rest of 2019.
The Yield curve un-inverted and with strong U.S. economic data, oil and oil products are making a strong comeback. Oil, instead of worrying about a recession a year or two or 5 years from now, will have to find an answer for strong U.S. oil demand.
Real data that showed U.S. gasoline demand at a record high and U.S. road traffic volume that was up +1.1% in the three months Apr-Jun compared with the same period a year earlier. 
Yesterday, WTI futures rallied up 4% on positive trade war news, then overnight futures went back in the hole -3.2%.
The oil market was able to withstand mounting economic headwinds as it prepares for what should be a big drop in U.S. crude supply and the fact that Saudi Arabia is already reducing allocations.
Crude oil gave in to the Monday blues after holding steady most of the night before going south.
Even a bullish American Petroleum Institute (API) report initially did not show oil bulls any love until the rate-cutting craze swept the globe. Oil seems to be ignoring a dramatic tightening of the U.S. oil supply.
Brent crude took a larger hit than the WTI futures partly because of new North Sea production but also because of fears of a trade war and a “hard” Brexit will hurt European demand more than US demand.