Sun, 2020-01-12 02:06
The International Energy Agency (IEA) began 2020 by highlighting the challenges facing the oil market in 2020 while ignoring its strong fundamentals.
While pursuing this negative narrative it glossed over many important questions such as whether US shale producers plan to increase their production amid the current drawback in drilling rigs.
Brent crude fell sharply to $64.98 over the week while WTI retreated below the $60 barrier for the first time in a month to $59.04 per barrel. The Brent/WTI spread widened slightly to $5.94 per barrel.
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