In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market's swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices.
Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.
Crude oil prices are still under pressure after a volatile Chinese stock market trade and a big miss by BP. BP reported a loss of $5.8 billion dollars in the second quarter as oil prices plummeted and lost revenue.
Oil rises as Ramadi falls as this markets price action continues to defy the calls for an oil price crash. ISIS forced Iraqi security forces to flee the largest province in Iraq despite help from U.S. air support.
Oil and natural gas producer Chevron Corp reported a better-than-expected quarterly profit on Friday as cost cuts and strong refining margins helped offset the impact of lower oil prices sending shares up in early trading.