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Why is the oil price and correspondingly the down and midstream company stock prices are increasing in May 2016, when

  1. The economic data across the world in weak
  2. China's economy is sluggish. They had another round of devaluation in early May 2016.
  3. The OPEC meeting in Doha in late April did not yield any meaningful resolution in stemming the production of oil output.
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This may be rather late, but it seems from an article at the time that this was due to supply disruptions in Canada, Nigeria, and Venezuela. Canada was experiencing wildfires which shut down oil production, Nigeria suffered from attacks in the Niger Delta (the main source of Nigerian oil), and Venezuela was experiencing severe political crisis. With a supply decrease, oil prices were bid up.

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