- In its latest monthly report, the IEA cautioned that the market was still dealing with a vast amount of past supply, but added the compliance rate from OPEC's production cuts averaged 98% during the first two months of the deal.
- Oil demand is expected to drop from 1.6M barrels a day last year to 1.4M bpd in 2017, raising further problems for producers as they try to ramp up prices.
- Crude futures are still heading higher, up 1.7% to $48.53/bbl, as API data showed a surprise drawdown in U.S. crude stockpiles.
- ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, DWT, OILK, OILX, UWT