IEA: OPEC Supply Cuts do not Change Fundamental Outlook
The International Energy Agency monthly oil market report key points:
OPEC Supply Cuts do not Change Fundamental Outlook of an oversupplied market.
The Consumption proved weaker than forecasted, and the outlook for 2020 also deteriorating.
OPEC may need to reduce oil output to lowest level in 17 years to balance supply and demand.
The global oil stockpiles increased surprisingly during the first half of 2019.
Crude oil continues to trade higher for the day adding 0.43 percent to $60.68 while Brent is down 0.73 percent to $66.52 per barrel.
Crude oil traders will watch later on the day the Baker Hughes US Oil Rig Count which is due at 17:00GMT.Don’t miss a beat! Follow us on Twitter.