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Oil soars on expected fade in U.S. supply

stander
stander
in Oil, Gas and Energy News

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NEW YORK, Feb. 22 (UPI) -- The expected decline in U.S. crude oil production boosted market sentiments of a return to balance, pushing crude oil prices sharply higher Monday.


The International Energy Agency said in a report published Monday it revised its total global output forecast lower. In a midterm market report, the IEA said 4.1 million barrels of oil will be added to the global market between now and 2021. That'ssignificantly lower than the 11 million bpd added in the six-year period ending in 2015.


http://www.upi.com/Business_News/Energy-Industry/2016/02/22/Oil-soars-on-expected-fade-in-US-supply/2211456151517/?nll=1


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