The global oil market continues to joggle up and down. The recent attack on oil facilities in Saudi Arabia has become the main driver of growth. However, despite the gravity of the situation, the prices have not exceeded their record highs. Moreover, after hitting high values in the early days of the Saudi attack, oil prices failed to hold their positions and dipped back. This was facilitated by the rapid reaction of Saudi leaders who assured the markets of their determination to resume the previous output volumes as soon as possible, and the actions of other market participants who were trading expectations. The announcement Saudi Arabia had made had a profound effect on quotes. After several days of panic, the markets got back to their former condition. While analysts worry that the oil price could hit $100 a barrel, the real situation is not so pessimistic. Even though independent experts are concerned about whether Saudi Arabia return to normal production levels in 10 weeks, oil is getting cheaper. The likelihood of a prolonged decline in oil prices persists, but this requires some additional news. In the meantime, things are moving according to the previous year's scenario: the autumn surge in oil prices could be followed by an almost 50% slump. The data from the American Petroleum Institute merely strengthened the case for that assumption. According to the Institute, after four weeks of drawdowns, crude inventories unexpectedly rose. So, humanity still has oil...for now.

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