Speedy Oil Price Uptick Isn't Imminent Despite OPEC's Prediction Of Market Rebalancing

Earlier this week, the Organization of Petroleum Exporting Countries (OPEC) predicted that the global oil market will be more balanced over the second half of 2016, as production outages both within its ranks and beyond, will assist in the reduction of the global supply glut that has plagued the market for nearly two years and counting.