Oil Rally Won't Last Without Hot Summer Demand

Bloomberg) -- If the late, great Charles Schulz could ever have been persuaded to draw a chart of the oil price, it would have looked something like this:

Why? Because if you squint hard enough, you can just glimpse Lucy pulling the ball away as Charlie Brown sets himself up for another crash.

This past week, the oil market has been following Charlie Brown's playbook, with front-month futures rallying as much as 22 percent from last Thursday's low point. Lucy, meanwhile, has taken a variety of forms: Russia, Saudi Arabia, the American Petroleum Institute, to name a few.

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