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IEA sees 'gradual' oil market rebalancing

Jan. 18, 2019 4:16 AM ETUCO, USO, OIL-OLD, DBO, USL, DTO, OLO-OLD, SCO, DNO, BNO, OILX, OILK, UWT, DWT, WTID-OLD, WTIU-OLD, USOI, USOU, USOD, USAI, OILU-OLD1, OILD, SZOXF, OILBy: Yoel Minkoff, SA News Editor15 Comments
  • "The journey to a balanced oil market will take time, and is more likely to be a marathon than a sprint," according to the IEA's closely watched monthly report.
  • Production cuts by OPEC and Russia are being offset by swelling U.S. shale oil supply and an uncertain demand outlook.
  • In fact, the U.S. in 2019 "will reinforce its leadership as the world's number one crude producer."
  • WTI futures +0.6% to $52.56/bbl.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI

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