As we can see, the price of OIL was somehow artificially kept high even when real demand was not there (as reflected by dropping commodity currencies). If there was a genuine demand then balance of payments would have pushed these currencies up.
My guess is that till we see this excess inventory dry up, we are not going to see a true rise in OIL . Any ideas on how to track inventory depletion ? I somehow don't fully trust numbers from US Govt . or IEA.