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A Crude Recovery

The belief that supply and demand will determine price is perhaps the most fundamental tenet of a market economy. But finding the equilibrium between supply and demand takes time, particularly in a market as temperamental as the oil market. That market, having been wrecked by overproduction in 2015, is slowly but surely beginning to recover. And though the speed with which it recovers will depend on U.S. shale production, the technology used in that production will continue to disrupt the oil market writ large and, by extension, undermine the power of OPEC, which has for decades been the arbiter of oil prices.

The oil market, having been wrecked by overproduction in 2015, is slowly but surely beginning to recover.
(Spencer Platt/Getty Images)
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