| The International Energy Agency says the price of crude, which plunged since June, will end fairly soon, but cautions oil producers that they won't see a barrel of oil selling at over $100 as they did before the crash, the International Energy Agency (IEA) reports.
The cause of the decline was a case study in elementary economics: The supply of oil rose dramatically due to prodigious production in the United States, while sluggish economies, particularly in Europe and China, depressed demand. Now there is a glut, North American drilling is being curtailed and energy companies are slashing spending...............................................Full Article: Source
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