With the prices at the petrol pumps beginning to creep up again, one would be forgiven for thinking that the glut of oil on the world market was easing.
According to the US federal reserve though the world is awash with excess oil and starting to run out of places to store the glut.
The Fed also predicts that there will be no sustained recovery in sight for the oil industry until 2017 at the earliest. Perhaps we might yet have another year of low prices.
