At G20 oil kingpins try to fix a new fiasco

(Axios) Yet again energy experts have gotten the oil market wrong: Less than two months ago Brent crude was about $86 a barrel and the talk was a certain return to ultra-profitable $100 oil. Today Brent closed at $58.68 down 31 from the peak after the industrys worst two months in a decade. Oils biggest kingpins are now at the G20 summit in Buenos Aires where they will try to set things right. But if they cant for reasons including pressure from President Trump and their own divisiveness look for a renewed bloodbath in oil with danger for the worlds petro-states and numerous other industries. Whats going on: In oil and gas the last decade has been an almost farcical series of bad calls starting in 2008 with an oil price spike to $147 a barrel and a consensus that the era of low prices was over because of a fossil fuel shortage.