1. Most Discussed
  2. Gainers & Losers

News: IEA pours cold water on crude rally

  1. Oil prices ebbed somewhat on Tuesday as Paris based industry watchdog International Energy Agency poured cold water on the rally of the past week.

    The IEA claims the crude stockpiles among the world's more developed nations - the members of the  Organization for Economic Cooperation and Development or OECD - are approaching record highs.

    It reckons the ocean of surplus ocean will measure some 2.83mln barrels in the coming months.

    If confirmed it would mirror the trend in the United States where in recent weeks inventories have reached the highest level since the early nineteen eighties.

    In London trading Brent Crude futures pulled back 1.7% to US%57.37 a barrel, while West Texas Intermediary futures fell further, dropping 3.5% to just over US$51.


Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.