Two Charts that Show the WTI Crude is Appropriately Priced

Crude oil prices were lower this week, declining slightly more than 3%, while ongoing dollar weakness helped given crude and other commodity prices remain buoyed. The low was seen after the IEA forecasts crude supply to increase in 2018 in its latest monthly report, forecasting non-OPEC supply will rise by 0.2 month over month barrels per day on average. At the same time, the IEA forecast for global oil…