Have Oil Markets Reached A Tipping Point?

12 Aug 2017   Prices

Oil prices were down at the end of the week on fears of lingering oversupply. The U.S. reported a strong drawdown in crude inventories and flat production, although those bullish figures were outweighed slightly by an uptick in gasoline inventories. Investors chose to focus on rising OPEC supply, which led to a selloff in crude on Thursday and Friday. IEA: Oil demand up; oil market rebalancing . In its latest monthly report, the IEA revised up its forecast for oil demand this year to 1.5 mb/d, up 100,000 bpd from last month. Oil demand growth continues into next year, expanding at an annual rate of 1.4 mb/d. The IEA also said that the rebalancing effort is continuing – the OPEC cuts, combined with demand growth, will erase the […]

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