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Commodities Briefing - Categorized | Oil, Price Watch more

Oil might be getting expensive, but we’re all covered- says IEA

Posted on 10 September 2013

The International Energy Agency said oil markets were currently well supplied and did not warrant any action by the West’s energy watchdog despite a recent spike in prices. Supply outages from Libya and concerns the escalating situation in Syria could spill into other Middle East countries has pushed up prices for international benchmark Brent by nearly $8 this month to over $115 a barrel.
The IEA comprises OECD countries that hold strategic inventories which can be released in the event of a supply disruption in oil markets. A spokesman for the IEA said that while the agency was concerned about the impact of high oil prices on the global economic recovery, currently the market was ‘adequately supplied.’……………………………………….Full Article: Source


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