The long-battered price of oil has edged up lately, buoying the stock market. So, oil's long descent is over and things are returning to normal, right? Not quite. Pell-mell production and record inventories are likely to keep oil prices low. They were just above $38 per barrel at Friday's close, down almost two-thirds from the recent peak in mid-2014.
Lately, though, optimism has filled the air amid talk that Russia, Saudi Arabia and three other big overseas producers will curtail their rampant output. In past months, U.S. shale production has fallen in response to the low prices. The International Energy Agency said last week that it sees "a light at the end of what has been a long, dark tunnel" for oil...............................................Full Article: Source
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