11.02.2015 - Oil drops sharply as IEA expects inventories to rise
Crude oil prices fell for the first time in four sessions on Tuesday after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production. Oil stockpiles in member countries of the Paris-based Organization for Economic Cooperation and Development (OECD) may approach a record 2.83 billion barrels by mid-2015, said the IEA, advisor on energy policy to a group of Western nations. US March crude futures fell US$2.84, or 5.37 per cent, to settle at US$50.02 a barrel, after dropping to US$49.86...............................................Full Article: Source
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