Oil price: Sellers’ market

The leaders of Opec must be breathing a lot easier. In January, when price of crude dropped to $51 a barrel, the producer cartel’s latest target of $60 looked too ambitious. But since then the price has jumped by 30%. The three factors that determine the oil price are now all working in the producers’ favour. First comes supply, which briefly slipped out of Opec’s control. The February production cuts seem to have worked. More durably, the cartel’s position is strengthened by the limited abilit...