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IEA warns of 'relentless' growth in oil supply

Published 11/10/2016, 04:39 AM
IEA warns of 'relentless' growth in oil supply
SCO
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UCO
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DTO
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BNO
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  • The oil market risks running another surplus in 2017 without an output cut from OPEC, according to the IEA's monthly oil market report, which warned of "another year of relentless global supply growth similar to that seen in 2016."
  • Global supply rose by 800K barrels per day in October to 97.8M bpd, led by record OPEC production and rising output from non-OPEC members like Russia, Brazil, Canada and Kazakhstan.
  • Crude futures -0.3% to $45.12/bbl.
  • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX

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