Oil heads lower for second day

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Oh good. It’s only the second day of selling after the recent rampant rally, and yet we are already hearing renewed rhetoric from key producers. Iran is the subject of the latest rumors, said to have agreed to attend next month’s producer meeting in Algeria. Nonetheless, prices are ignoring this influence for now, and are easing lower ahead of a potentially bearish inventory report tomorrow. Hark, here are five things to consider in oil markets today:

1) Although Chinese oil imports have been slowing in recent months after its torrid import pace in spring, we are seeing key producers holding onto their market share. Saudi Arabia is still leading the charge in terms of waterborne imports, accounting for