Commodities Corner: This is the real reason we’re ‘drowning in oil,’ says Ed Yardeni

Oil experts tend to blame growing crude production from countries that aren’t bound by the OPEC-led production cut agreement for the ongoing glut in global supplies, but that isn’t the whole story.

Oil producers in the Organization of the Petroleum Exporting Countries continue to “put a lid on their output in an effort to prop up prices,” but the price for a barrel of Brent crude LCOQ7, -2.69% was just below $45 in Wednesday dealings— “comfortably in the $40-$50 price range that I have been expecting for this year,” said Ed Yardeni, president and chief investment strategist at Yardeni Research, in blog post Wednesday.

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