A mixture of a weaker US dollar, a macro risk-on backdrop and record Chinese oil imports have all played a part in driving oil prices higher in recent weeks, but is the sharp rally running out of steam?
Ehsan Khoman, Head of MENA Research and Strategy, considers whether a mismatch between prices and prevailing market fundamentals is at play on this week's podcast.
If you can't see the media player above, you can also listen to the audio file using the following link on your computer or mobile device. The podcast is also published on Apple Podcasts and Spotify.
Download: The oil price rally has got ahead of fundamentals - The MUFG Global Markets Podcast (MP3)
You can view more insights from Global Markets Research on their dedicated website. Access requires log in details.
Follow Ehsan Khoman on Twitter for more global markets insights.