Saturday , November 28 2020

Increase Oil Prices as a Shortfall in the Supply of IEA Forecasts in 2019 By Investing.com



© Reuters.

Invests.com – Oil prices rose on Thursday as the International Energy Agency predicted that the market would be rebalanced faster than originally thought.

New York-traded won 19 cents, or 0.37%, at $ 51.34 in bargain at 10:45 AM ET (15:45 GMT).

In the meantime, the benchmark for oil prices outside the US, is trading 16 cents, or 0.27%, to $ 60.31.

In her, the IEA left its 2019 projection for global demand unchanged in 1.4 million bindings (bpd), but now it's expected to. Back in November, he had predicted a surplus for every 2019.

The IEA stressed that its calculations assumed that OPEC and allied Russian-led allies would follow their agreement to cut output by 1.2 million pcs starting in January.

"Time will tell how effective the new production agreement will rebalance the oil market," admitted the IEA.

However, he noted the report that the influence of the US chaleleon over global raw markets would be stronger.

"Although the U.S. was not present in Vienna, no-one can ignore its growing influence," said the IEA.

The markets found some relief on Wednesday when the Energy Information Ministry reported that the US oil production had dropped from a high record of 11.7 million barrels per day to 11.6 million.

In other energy trading, 1.08% rose to $ 1.4384 and gallon by 10:49 AM ET (15:49 GMT), reducing 0.17% to $ 1.8477 gallons.

Finally, 2.56% committed to $ 4.242 per million British thermal units.

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