The Bears Still Rule Oil Markets

Nowadays, the oil bulls can’t seem to catch a proper break. Just when the markets were beginning to warm up to the idea that a large stimulus package by Beijing would boost demand by the world’s largest crude importer (buy on the rumor), oil prices have been badly hammered after the actual thing underwhelmed (sell on the news). The markets have thrown a strop after the People's Bank of China cut two benchmark lending rates by a mere 10 basis points each, seen as too small to make a difference. “On their own, 10 bps cuts are…