The excess oil inventories of the past year have been all but depleted, and a strong demand rebound in the second half this year could lead to even steeper stock draws, the International Energy Agency (IEA) said on Wednesday, keeping an upbeat forecast of global oil demand despite the weaker-than-expected first half of 2021.
Oil prices rose after the release of the IEA’s closely-watched Oil Market Report, with WTI Crude trading at above $66 a barrel and Brent Crude surpassing the $69 per barrel mark as of 7:49 a.m. EDT. Prices jumped even…IEA: The Global Oil Glut Is Gone
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