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Bear Market for Oil Caused by 'Fake News,' Says Raymond James

  • "Headlines have been misleading, or outright wrong": analysts
  • U.S. crude inventory draws have actually been "massive"
Bloomberg business news

UBS' Gordon Sees Oil Trading in $40 to $60 Range

Analysts at Raymond James invoked one of U.S. President Donald Trump’s favorite phrases to explain oil’s descent into a bear market -- and bolster their case for why crude can rise to as much as $65 a barrel.

Conventional wisdom holds that resilient U.S. shale drilling, underwhelming progress towards OPEC’s goal in slimming global oil inventories, and output recoveries from nations exempt from the deal to curb production helped push crude down more than 20 percent from recent peaks. But according to analysts led by J. Marshall Adkins -- noted oil bulls -- the bad times for oil can be chalked up to “fake news” that amplified the downside.