Oil prices sink on IEA warning on balance

12 Aug 2017   Prices

Crude oil prices drifted lower early Friday after a report from the International Energy Agency said the markets were balancing, but it’s a stubborn process. Oil prices rallied early in the Thursday session after the August report from the Organization of Petroleum Exporting Countries showed global demand on the rise, while production from non-member states inched lower. Gains in crude oil prices were quickly erased, however, after Russian oil producer Gazprom boasted of strong production and hinted at a possible acceleration. Russia is the largest contributor to an OPEC-led effort to balance the market with production declines among non-member states. OPEC economists estimate Russian crude oil production will increase about 1 percent from the expected 2017 average to […]

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