Oil Settles Higher After IEA Says OPEC Cuts on Track

20 Jan 2017   IEA, OPEC

Oil prices rose Thursday after the International Energy Agency’s monthly report suggested global oversupply is easing. The Paris-based IEA said production from the Organization of the Petroleum Exporting Countries was falling and inventories in big consumer countries have been draining. Bulls highlighted this information in pushing for higher prices, but the IEA warned that gains could be offset by expansion outside of OPEC,…

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