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.


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