I posted a summary of remarks from both the International Energy Agency (IEA) and OPEC earlier:

ICYMI – International Energy Agency raised its oil demand growth forecast for this year

Reuters have collated a couple of analyst comments on the mixed messaging. The lack of clarity looks to have locked in price volatility for now:

• „There’s a great deal of uncertainty about demand in the short run. Until that settles, it (the market) will be like this for a while,” said Justin Smirk, a senior economist at Westpac.
• „The net picture that the IEA painted was a mix,” said Commonwealth Bank analyst Vivek Dhar. „Russian supply has been more resilient than thought.” „Assessing global oil balances by the end of the year right now, given what’s happening on the demand side versus what’s happening on supply side – it’s just complicated. That’s why you have the daily volatility.”