When Kenya's leaders bid 'bon voyage' to a tanker carrying their first ever oil export last week ...

They possibly weren't worried about bumper global crude supplies.

Oil traders are though.

And on Tuesday (September 3), drove prices down by over two per cent.

Kenya's first shipment of 250,000 barrels will make little difference ...

But data this week shows Russian output hit close to 11.3 million barrels per day in August ....

Its highest since March.

And - despite its production cap - OPEC output rose for the first month this year.

Add to that the U.S./China trade dispute:

Asia's imports of U.S. crude hit at a record high in August ....

But this month Japan, India and Taiwan are paring back purchases.

And China's new 5 per cent tariff on crude will doubtless crimp its imports.

Bulls see Mid-East tensions propping up prices - as could any fall-off in U.S. inventories.

But bears say that with benchmark Brent now well below 58 dollars a barrel ...

And U.S. crude hovering near 53...

It may be time to wave good-bye to higher prices for a while yet.