Just weeks after oil traders were touting $100 a barrel, those predictions now seem a distant memory. Oil is trading more than $10 a barrel lower than it was earlier this month, when it reached a four-year high. More Saudi and Russian crude, higher-than-expected Iranian exports and a sharp drop in gasoline refinery margins are playing a part in the sell-off. Lurking in the background is a much bigger threat: the possibility of the global economy heading into trouble in 2019, curtailing oil demand growth. “Next year’s oil balance is bearish, let’s face it,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. “The dump is understandable, and if the Saudis are actually going to increase production, I don’t think the market will recover.” Bloomberg

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