A stronger dollar and higher OPEC output, together with expectations that the new US Administration will help support domestic production, will increase over-supply fears and make it even more difficult for OPEC to restore market confidence. Corrective recoveries are likely to remain fragile in the short term. The short-term price action around the $43.00 p/b area will be watched very closely, with prices rebounding from this area in September after OPEC pledged to cut output levels. A break below this level would have an important impact in undermining sentiment with the risk of a further slide to the key $40.0 p/b ... (full story)