Supply Risks Could Push Oil Prices Higher This Week

Oil lost ground in the last few days on slipping OPEC compliance rates and fears of persistent oversupply. But the tightening of the oil market is still proceeding, and there are some signs that the more pessimistic projections about oil prices could be overblown. On Monday, as oil prices dipped, analysts attributed the drop off to the appreciating U.S. dollar. But while the immediate catalyst shifts from day-to-day, the forecast for the next few quarters remains the same: the inventory overhang might not go anywhere because the OPEC cuts are offset…